Bank business loan settlement

1 year ago

I had taken a business loan with no collateral. Due to covid the whole business got crushed. All the business assets and a personal land asset were lost due to non payment of other loans. So no way to repay the loan. The bank settled the loan with 50% of the outstanding amount. But I could again pay around 60% of the settlement amount. They allowed the moratorium again. But still I could not arrange the rest of the money. Now they are saying the amount needed to settle is even higher. I have no funds to pay for it. I have asked for resettlement but they are not agreeing. They are threatening with saying they will initiate legal actions. What can I do? Can they force my working so to pay for it? He is the only earning member now.

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Anik

Responded 1 year ago

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A.Sir in my opinion, since you're being harassed by the recovery agents, an injunction suit against the bank and recovery agents can be filed. A civil injunction suit with an ad-interim relief can be filed in the civil court against the bank and recovery organization. It should be possible to guarantee that bank authorities and recovery agents so that stop harassing you, and look into your situation to settle the problem

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