Willful difficult

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 the Bank as NPA. Accordingly, the Bank sends notice to the 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, the 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. In case of any harassment or threats by recovery agents asking refund of dues, you may then immediately bring the matter to the notice of the concerned Bank and the higher authority and lodge a complaint in the local police station regarding harassment by the recovery agents.. You also need to file a complaint online to the RBI against arbitrary and coercive action of the concerned Bank adopted for the recovery of debt from the loan defaulter. Apart you can file a civil suit praying for an injunction against the Bank and recovery agent. You can also register complaints under the Integrated Ombudsman Scheme of RBI when you have already registered your complaint to the concerned Bank or NBFC and it has been rejected by them or doesn’t get any answer within 30 days. You have to visit https://cms.rbi.org.in website to register an online complaint for any matter related to banks. you can also make a complaint through mail to the Centralized Receipt and Processing Center notified by RBI. For this, you have to write your complaint and send it by email to: CRPC@rbi.org.in for redressal of your grievance. 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.