Loan and credit card emi bounces
10 months ago
Dear Team,
Because of financial crisis i am not able to payback loan emi and card dues since 3 months. Banks sending mails for legal action. Please suggest what consequences will be there. Although i mailed them asking for a month more time and after that i can clear dues.
A.Dear Client,
Once the borrow fails to repay his loan in successive occasion Bank after sending reminder treat that as bad loan/NPA. Accordingly they started routine process for recovery of outstanding loan through DRT under SRFAESI Act, 2002.
So you should negotiate the matter with the Bank ASAP to restore your CIBIL Record and to avoid legal consequences.
If you need any assistance you may get in touch with our legal team.
Once the borrow fails to repay his loan in successive occasion Bank after sending reminder treat that as bad loan/NPA. Accordingly they started routine process for recovery of outstanding loan through DRT under SRFAESI Act, 2002.
So you should negotiate the matter with the Bank ASAP to restore your CIBIL Record and to avoid legal consequences.
If you need any assistance you may get in touch with our legal team.
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A.Hello,
As per the information you have mentioned , The legal action taken against credit card defaulters in India includes filing a civil suit in court, initiating criminal proceedings, or making use of debt recovery tribunals. This may result in imprisonment or a fine, or both
As per the information you have mentioned , The legal action taken against credit card defaulters in India includes filing a civil suit in court, initiating criminal proceedings, or making use of debt recovery tribunals. This may result in imprisonment or a fine, or both
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