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Q. Personal loan debts & credit card dues

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Anonymous

posted 1 year ago

Q.Personal loan debts & credit card dues
Dear Sir, I have multiple personal loans from various banks around 4.5 lakhs & credit cards over due around 1.5 lakhs. Due to some financial issues I didn't pay the dues from last 5 months. All EMI'S will be auto debited every month in the first week. Now my salary account went into minus rs.50000/-. I need a stay order & willing to send the legal notice for money lendors. Kindly suggest me the best solution to resolve the issue.

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Kishan Dutt Kalaskar Retired Judge

Experience: 34 Year(s)

Responded 1 year ago

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A. ) Dear Sir,
You may get issue a legal notice asking the bank to wait for some more time otherwise ask them to file a civil suit where you will get time by way of installments.

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Shanti Ranjan Behera

Experience: 23 Year(s)

Responded 1 year ago

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A. ) Dear Sir,
The best option for you is to get in touch with the Branch Manager /Credit Manager of the concerned branch of the Bank and explain your present position and get an extension of time and try to repay within the time you have asked for.
Shanti Ranjan Behera
Advocate

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Abhimanyu Shandilya

Experience: 15 Year(s)

Responded 1 year ago

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A. ) When you have taken money in the form of loans then you will have to repay that money back to the lenders and banks. No court will issue a stay order in your favour. If you are really bankrupt and do not have any means to pay the money to the lenders then file a bankruptcy case in the court. But please do understand that filing a individual bankruptcy case has its own problems.

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