Personal Loan and credit card EMIs are unpaid
1 year ago
Hello,
Because of jobloss and loss in business I am unable to pay EMIs to card and personal Loan. So far I had managed to pay all the EMIs or dues promptly for more than 2-3 years but now because of financial loss I am unable to pay dues. Now SBI, Lazypay, HDFC Bank and IDFC bank have started issuing notices to me. I had informed multiple times to customer care agents and even senior officers to give me some time to recover financially and get back on track to make payments. But no one is listening to me nor giving me time instead lazypay and SBI card team is calling every day 10-15 times and forcing me to make payment. Even if someone is willing to pull me to court or even to jail I cannot pay single rupee as of now till I get a job. I don't know how can pulling me to court can get them money when I am jobless and my bank balance is -15,000 Rs. Can someone please guide me how to proceed further? How to talk to judge or any lawyer?
Review your loan agreements and understand the terms and conditions of your loans. Check if there are any provisions for a payment holiday or restructuring of your loans.
Contact your lenders and explain your situation. Try to negotiate a payment plan that works for you. Be honest about your financial situation and provide any documentation to support your claims.
If you are unable to come to an agreement with your lenders, consider seeking the advice of a financial counselor or legal professional. They can help you understand your options and negotiate on your behalf.
Keep records of all your communication with your lenders, including emails, letters, and phone calls.
If you receive a court summons, it is important to respond promptly and attend any court hearings. You can seek legal advice to help you prepare for the court hearing and present your case.
Thank You
Eswar Chaitanya
Replied 1 year ago
I explained all my situations and even gave them my business loss proof. My EPF account also has last credit on Mar 2021 and from then no credit. I showed this as proof of jobless. I showed my bank balance of -15k. But still the same is happening. So I approached a debt management company called Freed and they said if I go through then they will take care of all legal notices (responding to notices) and talk to bank on behalf of me in settling loan for a feasible amount. So far I have 16 lacs debt through PL and credit cards. They are trying to get it at 9 lacs around final. Rcently a lawyer on behalf of me has responded to notice from SBI. Hope this service would be good going forward.
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