• Became NPA to severe health issues and job loss

Dear sir,
I had became an NPA of around 1 year by taking an personal loan and cc due to job loss and severe health problems. so i was not in trace of the bank people. Now i want to clear my loan by paying some amount every month as i secured a job and i want to live peacefully. so kindly help me in this regard as i don't have any family nor any property not even any vehicle on my name to dissolve and clear the outstanding dues.
Asked 6 years ago in Civil Law

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6 Answers

1)apply to bank to reschedule your loan by increasing the tenure of loan and reducing EMI amount

2) bank is concerned with recovery of money and would agree for settlement

Ajay Sethi
Advocate, Mumbai
94522 Answers
7485 Consultations

5.0 on 5.0

if bank takes recovery proceedings it would take years for bank to recover the money

2) make an offer in writing for one time settlement to bank . enclose cheque of Rs 20,000 . mention you will repay balance amount in X equated installments

3) mention on account of job loss you are unable to make entire payment

Ajay Sethi
Advocate, Mumbai
94522 Answers
7485 Consultations

5.0 on 5.0

Moot your repayment plan before the bank. If they do not accept it and initiate recovery proceedings against you, inform the Court that you intend to repay back the loan but you can do that only if a sufficient window is provided to you. The Court may ask both of you to settle it amicably.

Vibhanshu Srivastava
Advocate, Lucknow
9588 Answers
303 Consultations

5.0 on 5.0

You don't have any options rather then compromising with the bank officials... Try to settle it amicably

Hemant Chaudhary
Advocate, Gurgaon
4630 Answers
67 Consultations

4.9 on 5.0

I had became an NPA of around 1 year by taking an personal loan and cc due to job loss and severe health problems. so i was not in trace of the bank people. Now i want to clear my loan by paying some amount every month as i secured a job and i want to live peacefully. so kindly help me in this regard as i don't have any family nor any property not even any vehicle on my name to dissolve and clear the outstanding dues.

You may have to talk to the bank/financial institution about this and get your loan re-structured.

It is the discretion of the bank to accept your proposal or to reject your request.

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

Approached the debt manager with my concern and I'm willing to pay an EMI everymnth of 10,000/- instead of 4500/- which was my previous one .but they are saying to do complete settlement by paying entire loan amount of 2 lac rupees and they are using abusive language on phone for recovery.Im not in an position of even paying atleast quarter amount of it all of sudden.so kindly please guide me to settle this issue and pls help me . The Main reason for my job loss and becoming an NPA was harassment of the same bank boss where I used to work as an banker earlier in same organisation and made my life pathetic to live .kindly help me in this regard to how to settle the loan by paying monthly if they are not listening to me ?

If the banker is not accepting your proposal for re-structure of loan. then you may express that you do not have money or source and ask them to proceed legally for recovery, wherein you can request the court to direct the bank to accept the proposed repayments.

T Kalaiselvan
Advocate, Vellore
84711 Answers
2172 Consultations

5.0 on 5.0

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