Issue with EMI payment
Issue with EMI payment
I am having issues with EMI's payment and need some advice on the same. Its not that I don't want to repay the money , its just I am in some financial crunch right now but agree to pay back the loan
1 year ago
A. Dear client,
Negotiate with your lender – If you have been regular in paying your dues and a genuine reason has made it difficult for you to repay the loan you have the following options -
1. Deferring payment – By assessing your credit history and situation the lender may give you temporary relief to skip a month or two of EMIs. However, you will be charged a penalty during this grace period.
2. Reduction in EMI – The lender may reduce your EMI by either increasing the loan tenure or re ...ReadMore
Credit card loan
Bank is offering loan on credit card without asking and without security/guarantor and tempted me to take the loan whenever available since many years. I was working and is clearing the EMI till now.
1 year ago
A. Dear Client
Since you have taken loan, which is the pubic money actually, hence you are required to return the money with interest. No one can force a loan to you and you need to use your discretion before taking it up.
Anyways, now you are in a predicament where either you take the help of your relatives to come out of this problem else the loan company will start sending notices to you and they will anyway come to know about it.
Try to settle it as soon as possible
Two Accounts become NPA having same property as security.
Suppose there are two loans taken Loan A and Loan B (by two different firms on different accounts) on same property kept as security for both loans. If now both accounts become NPA then as part of SA
1 year ago
A. Dear Client
When two banks or organizations sanction loans on the same property then both the bank will have an agreement called pari passu charges which means the lead bank will have the first say on the security
Unable to repay home loan
Sister had accident 5 years back and got 90% disability. Before this she took unsecured home loan now we are not able to repay loan until we get insurance claim. Nominee in this case was his husband.
1 year ago
A. Dear Sir,
Remedies against harassment by Recovery Agents
February 18, 2021
Written By : Kishan Dutt Kalaskar Retired Judge
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There are numerous cases of the oppressive and illegal conduct of recovery agents attempting to recover pending dues for the banks' benefit. In the past few years there have been many such instances, to showcase an example, an 81-year-old woman was seriously threatened by recovery agents, she got 375 threatening calls concerning her child's unpaid bank dues. ...ReadMore
Bankruptcy Declaration
My father used to run a shop which after the second lockdown was shutdown in 2021, he baught a house in 2019 taking a mortgage and now is unable to repay his debt. Can declaring bankruptcy be helpfull
1 year ago
A. Dear Sir,
You may go for insolvency petition as follows:
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The provisions of Bankruptcy and insolvency Act may be used to get relevant certificate. The highlights of the Act are as follows followed by a link.
KEY HIGHLIGHTS
1. Corporate Debtors: Two-Stage Process
To initiate an insolvency process for corporate debtors, the default should be at least INR One Lakh (which limit may be increased up to INR One Lakh ) by the Government). The Code ...ReadMore
credit card and personal loan repayment faliure
dear sir, i hve credit card and personal loan dues , and not able to give any of emi now or next 6 month, pls suggest what will be i do, bank pressurise so much ,every day got a harrahment call and ho
1 year ago
A. Dear Client
You need to get in touch with your bank and discuss the matter to resolve it amicably. See the fact is that once you have taken the loan then you need to repay it as it is not your money but bank's money.
Secondly you can declare yourself bankrupt but remember that is not an easy way.
Recovery agent -harassed by Fullerton India recovery agent
I have been harassed by Fullerton India recovery agent, and I am receiving the calls at 11:00 pm in the night also.....just for a day's delay and they have also....last time come home and harrassed ra
1 year ago
A. Dear Client,
You must repay the loan as soon as possible and about the harassment, you can file a police complaint against the bank for mental harassment.
Responsibilities of legal heirs - father owned a company
My father owned a company, and under his and my moms directorship sold some properties to multiple people. Some of those properties are lent to banks too. Sadly, he passed away last year. I wanted to
1 year ago
A. Dear Sir,
You are not liable for the liabilities for your father as per following principle of pious obligation.
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'Pious obligation' means the moral liability of sons to pay off or discharge their father's non-avyavaharik debts. ... The ancient doctrine of pious obligation was governed by Smriti law. There is a pious obligation on the sons and grandsons to pay the debts contracted by the father and grandfather.
Hindu S ...ReadMore
Private Money Lender Harassment charging 8% interest per month
I borrowed 1 Lakh for 8% interest from a known person on April 2019. He said he is getting money from his personal lender to give me just to look he is not involved - it was lie as per my view. I und
2 years ago
A. Dear Client,
As per the facts mentioned, you can file a police complaint of harassment against the lender and from a legal perspective, the terms and conditions of personal lending are legally non-binding and non-enforceable.
Filing Insolvency Petition-Government Employee-Reg
Dear Sir/Madam, This is Krishnamohan from vizianagaram. My friend's father is working as a government employee and will be retired from services in 2024. He got debts from a few of the local pe
2 years ago
A. Dear Client,
As per the facts mentioned, as your friend's father is a government employee, i.e., has a source of revenue and he will also get pension and PF post-retirement then he cannot file for insolvency whereas an operational creditor, the employee can file an insolvency petition under section 9 of IBC. Employees are classified to be the operational creditors under IBC. Thus enabling them to approach NCLT under IBC, if the employer or corporate person denies or fails to release the salarie ...ReadMore
