I am a 29-year-old individual
10 months ago
I am a 29-year-old individual earning 75k per month. I have multiple debts, including credit card and personal loans. Currently, I am unable to manage my debt as the EMIs and outstanding credit card balance exceed my monthly income. I have missed the last two months' EMI and credit card bill payments, which is a major concern as it is impacting my CIBIL score. Additionally, I am facing significant harassment from debt recovery agencies. I would like to understand if it is possible for an individual to approach the court for loan restructuring or consolidation in order to mitigate the impact on CIBIL. Are there any laws or provisions that address this situation?
Please contact me via email/don’t call
When a borrower fails to repay an EMI for a loan or credit card dues for three consecutive months for any reason, it is regarded as non-performing asset (NPA). In response, the bank placed a lien on all of your accounts associated with the debt and sent a notification to the borrower requesting full payback of all outstanding debts with favourable conditions. In the absence of a response from the Borrower, they began the usual legal procedure for recovering the sum that was owed to both the Guarantor and the Borrower. You can plead to the Bank for extra time to pay the dues through loan restructuring, which is entirely at the Bank's discretion.
Once the EMI against a loan or dues against a credit card is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, Bank marked lien on your all account linked with the debt and sends a notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response for the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues by loan restructuring that solely depends upon the discretion of the Bank and cannot be enforceable even through Court but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Reach out to an Advocate for guidance and steps.
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