Credit Card dues Recovery - Legal Notice for Arbitration

2 years ago

in 2018, My Business shut down and I ended up piling Credit Card Debt trying to revive it. I got a Job in 2019 May but ended up emptying my savings trying make minimum payment on card. I had mailed the bank to give me option to pay in instalments and stop the interest from growing, they agreed to it on mail but never executed it. In May 2019 I mailed the bank about the Job and requested again for a suitable payment option, where again the bank replied they will restructure once as a goodwill but they didn't. After August 2019, I couldn't pay even Minimum dues as I had not savings and my salary was not enough. Then the recovery and harassment started. I visited the bank office multiple times but they didn't give me any instalment plans and said they can only give me lumpsump settlement which was beyond my capacity and I told them so but no avail and the total due started increasing. In March 2020, the recovery agency who was assigned understood my situation and told me to make small monthly payments within my capacity so account stays with them and then they would try to work out a suitable option in a couple of months but with Covid I could only make one payment in March 2020 and then I lost my job and have been jobless since. I sold off all assets I had including my wife's gold jewellery & Now I am surviving on my brother's salary and desperately searching for a job. I have informed the bank about it. The agency and bank are trying to get me to agree to a settlement which I informed them I won't be able to. I was summoned to Lok Adalat camp where I went & informed about my situation for the same. They said that if I can't accept their settlement terms then they will go to Arbitration and then I will have to pay the whole due with legal cost and my tangible and intangible assets will then be attached once the award is passed. I don't have any asset except for a 18 year old bike. No income since 18 months as no job and situation with Covid is horrible. I informed I can't even afford an advocate for Arbitration. I have requested them multiple times that I will approach the bank again for payments once I get a job but they say that is not an option and if I don't follow arbitration award then I can be arrested? What options do I have?