Loan emi payment issue
6 months ago
Sir,
I am facing a huge problem in giving my loans amoung.
Currently not having job and suffering from medical issue juandice.
I am asking 3 months time from the collection agent but they are not giving me time and forcing me to pay my dues.
I need suggestion how to get time for the payment.
A.Dear client,
Under the Provincial Insolvency Act,1920, you can file a petition for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing 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. 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 with the lenders.
Under the Provincial Insolvency Act,1920, you can file a petition for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing 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. 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 with the lenders.
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A.Dear
Communicate Honestly: Reach out to the collection agent and explain your current circumstances honestly. Share details about your health issues and the loss of your job. Express your willingness to repay the loan once you are in a more stable financial condition.
Request for a Grace Period: Request a temporary suspension of your payments for a few months due to your health condition and unemployment. Be sure to mention that this is a temporary situation and that you are actively seeking new employment to resume regular payments.
Explore Loan Restructuring Options: Inquire about the possibility of loan restructuring with the lending institution. This might involve extending the tenure of the loan or reducing the monthly installments to make it more manageable for you given your current situation.
Provide Documentation: If possible, provide the collection agent with any medical certificates or relevant documentation that supports your current health condition and job loss. This may help them understand the gravity of your situation and the need for flexibility in repayment.
Regards
Communicate Honestly: Reach out to the collection agent and explain your current circumstances honestly. Share details about your health issues and the loss of your job. Express your willingness to repay the loan once you are in a more stable financial condition.
Request for a Grace Period: Request a temporary suspension of your payments for a few months due to your health condition and unemployment. Be sure to mention that this is a temporary situation and that you are actively seeking new employment to resume regular payments.
Explore Loan Restructuring Options: Inquire about the possibility of loan restructuring with the lending institution. This might involve extending the tenure of the loan or reducing the monthly installments to make it more manageable for you given your current situation.
Provide Documentation: If possible, provide the collection agent with any medical certificates or relevant documentation that supports your current health condition and job loss. This may help them understand the gravity of your situation and the need for flexibility in repayment.
Regards
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