Ecs Nach bounce
8 months ago
Sir I have multiple unsecure loan . Now I have no money due to my wife admit in hospital and after 22 days she died. I lost my all savings and job. Now I have no job and not any income. What can nbfc do.
A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by Bank as NPA. Accordingly, Bank sends 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 from the Borrower, Bank 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 but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you that includes filing a civil suit in court or initiating criminal proceedings against you. The banks may also make use of debt recovery tribunals in order to recover the dues they are owed from the defaulter borrower. However, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by Bank as NPA. Accordingly, Bank sends 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 from the Borrower, Bank 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 but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you that includes filing a civil suit in court or initiating criminal proceedings against you. The banks may also make use of debt recovery tribunals in order to recover the dues they are owed from the defaulter borrower. However, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter
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A.Dear client,
You may file for bankruptcy. Under the Provincial Insolvency Act, you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analysing whether the conditions for filing of bankruptcy have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor. If the application is admitted, the court can apply a stay on any legal proceedings against the property or assets of the debtor. In other words, you can get a stay order against further recovery efforts by your creditors.
Once your application is admitted, your property vests with the “receiver" appointed by the court. This official then distributes your assets among the creditors, unless a compromise proposed by you has been accepted by your creditors and the court. Once this process is completed, you will be “discharged from bankruptcy" by the court, giving you the opportunity to build your life and finances afresh, without being hounded by your previous creditors.
You may file for bankruptcy. Under the Provincial Insolvency Act, you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analysing whether the conditions for filing of bankruptcy have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor. If the application is admitted, the court can apply a stay on any legal proceedings against the property or assets of the debtor. In other words, you can get a stay order against further recovery efforts by your creditors.
Once your application is admitted, your property vests with the “receiver" appointed by the court. This official then distributes your assets among the creditors, unless a compromise proposed by you has been accepted by your creditors and the court. Once this process is completed, you will be “discharged from bankruptcy" by the court, giving you the opportunity to build your life and finances afresh, without being hounded by your previous creditors.
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