what happen if i have a debt and i will change my residence and job location
what happen if i have a debt and i will change my residence and job location
I currently have a debt of Rs. 24 lakh, and I am in the process of debt settlement. However, I am facing warnings from both my landlord and my employer to vacate my rented house and resign from my job
6 months ago
A. Dear
Communication with Creditors: Instead of avoiding communication with the bank, it's generally better to maintain open and honest communication with your creditors. Inform them about your financial difficulties and discuss the possibility of a debt settlement plan or repayment arrangement. Many banks are willing to work with borrowers to find a mutually agreeable solution.
Legal Protections: In India, there are legal protections in place to prevent harassment by recovery agents. The Reserv ...ReadMore
I took multiple personal and credit card loans
Hello, i am from Mumbai. In last 1.5 years or so i took multiple personal and credit card loans which amounts to around 1.10 cr. Personal Loan amounts to around 65 lacs and Credit Card balances to aro
6 months ago
A. Dear Client,
To initiate bankruptcy proceedings, a debtor or creditor may file a petition with the National Company Law Tribunal (NCLT). The NCLT appoints an interim resolution professional to assess the debtor's financial situation and negotiate with creditors. If a resolution plan is not agreed upon during the IRP, the debtor may be declared bankrupt, and their assets will be liquidated to repay creditors. Individual Voluntary Bankruptcy is another option where you can file for bankruptcy vol ...ReadMore
Need Help In Debt Management Plan(MDP)
I need help, if possible please help me to overcome from this. I hope you will understand my situation and will help me to overcome from this situation. In the past 2.5 year i did many mistakes to su
6 months ago
A. Dear Client,
Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own if your pocket permits to repay entire outstanding at a time for one time settlement of dues, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matt ...ReadMore
Personal loan and getting a arbitration notice
Sir, I am employee of Delhi metro. And total Liabilities on me almost 25 lakhs. And I can pay Emi's only my salary account personal loan not others. So if I file for insolvency and bankruptcy than wha
6 months ago
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 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 starts the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower. Moreove ...ReadMore
Not repaying loan EMi's more than 180 days
I am having almost 12L loans and credit card bills now I am jobless past 2years even single penny I am not having how to get this , I am planning to file a insolvency petition, what happens if I file
6 months ago
A. Dear Client,
Under the Provincial Insolvency Act,1920, you can file 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 ...ReadMore
Bankruptcy
How to file for Bankruptcy, if I don't have any amount to bear the charges of lawyer. Can I file it myself?
6 months ago
A. Dear Sir,
Yes, you can file by following the below given procedure.
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Provision for Fighting One’s Own Case as per Advocate’s Act
Section 32 of the Advocate’s Act clearly mentions, the court may allow any person to appear before it even if he is not an advocate. Therefore, one gets the statutory right to defend one’s own case through Advocate Act in India. This rule is subject to certain exceptions.
• Article 19 of the Constitutio ...ReadMore
A. Dear Client,
Defaulting on unsecured loans, such as personal loans or credit card debt, can have several consequences, both legally and financially. Here are some potential outcomes of not paying unsecured loans:
Late Payment Fees and Penalties: Initially, you may incur late payment fees and penalties, which can increase the total amount you owe.
Negative Impact on Credit Score: Missing payments or defaulting on loans can significantly damage your credit score. A lower credit score can make it ...ReadMore
Non payment of unsecured loan
What will bank do to me if I don't pay unsecured loan
7 months ago
A. Dear Client,
If a loan has not been repaid for more than 180 days, the lender is allowed to file a case against the borrower under Section 138 of the Negotiable Instruments Act of 1881. The defaulter of an unsecured loan may face severe consequences, including a negative impact on your credit score, legal actions by the lender, collection attempts, and strained relationships with co-borrowers. Lenders are allowed to file a case against you and send legal notice to the loan defaulter under Sectio ...ReadMore
Recovery agencies are not deal with third-party debt settlement agency
I have a debt of 24 lakhs, which includes 6 credit cards and 4 personal loans. The monthly EMI is approximately 1.5 lakhs, and my salary is 48k. I have no assets or property to sell, and I am solely d
7 months ago
A. Dear Client,
Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own, but sometimes for some, financial constraints, it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender Bank on your behalf. But, it may be note ...ReadMore
E-auction done. - Any process to take stay or to delay occupancy
Am guarantee for my brother loan. Borrower and bank hand shake and sold guaranteed property in e auction low price. Borrower property remains not sold. Because my commercial is very demand. I want to
7 months ago
A. Sear Sir,
Immediately go to Debt Recovery Tribunal and get a stay on such illegal E-auction of your property when property of the principal borrower not sold.
