You can petition the Court to grant a stay order on the bank proceedings for collection of possession. In the meanwhile, you must arrange alternate avenues to pay your dues.
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This depends on the facts of each case. The bank cannot ask for the full amount to be repaid in seven days.
They can however, attempt to recover whatever amount of the principal is outstanding, along with interest and fees for late payments.
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You can request the bank to restructure your repayment plan, or grant you an extension. Failing this, you can approach the Banking Ombudsman and state your grievances.
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A legal loan agreement or promissory note signed by the two parties is a great way to remove the transaction from the level of friendship and place it in a formal context. This can help reassure the friend loaning the money that the borrower is serious about repaying the note and considers the loan to be a serious debt. All the particulars relating to loan can be mentioned in the document.
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Request may be made to the money lender for extension of time period for repayment of debt amount.
However, more information is required, so that we can advice you properly.
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Legally, a legal action can be taken in case of non re-payment of loan. However, you can request your friend for extension of time period.
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You can file for bankruptcy if you are unable to repay the loan. Alternatively, you can approach the bank and request the manager to restructure your repayment plan.
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