• How to resolve

Hi myself sathiyaraj from Chennai Tamilnadu, I faced issues from bank side last 2months due to not paid EMI on personal loan and credit card payments ( 1.personal loan details Axis ,HDFC ,fulttron India overall amount is 7lac) 
2 over all credit card amount is 5lac,from Axis ,HDFC,SBI,and RBL .
Above mentioned all using past 4years and paying properly . Unfortunately my finiacial level loosed .
Now I am working an MNC company and get low salary 25k only. And last 2months EMI payments are not paid. Due to insufficient finiacial. Now days receive calls and bank executive threaded me .
 But I don't have an Idea how to deal this all because credit amount is very high around 13lacks.
Please advise me legely have any chances to resolve my issues. I hope some one give a idea to solve issues. Pls do the needful .

Asked 4 years ago in Civil Law

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10 Answers

See you can approach bank to reschedule you emi for loan as you are not in capacity to pay huge amount request them.to increase time and lower monthly emi.

For credit cards you have to pay otherwise huge interest and penalty shall be there.

Further if loan accounts go NPA bank.can go against you for recovery and can attach assets.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

Firslty, as per the information mentioned in the present query, makes it clear that you have been going through a heavy financial crises.

Secondly, though bank has the authority to recover the amount of you do not pay for consecutive three months.

Thirdly, if you are unable to pay then they may file a case for recovery also.

Fourthly, you may make an application before the bank headquarter about the problem that you have been facing, and request then to see your prior records.

Rest, would advice you accordingly with the response of the bank.

Sanjay Baniwal
Advocate, South Delhi
5464 Answers
13 Consultations

5.0 on 5.0

Request bank to reschedule of EMI as you are able to pay huge amount, by which your EMI will decrease and time period increase

For credit card you have pay as early as possible otherwise they imposed high interest and penalities

If you not paid said amount of loan and credit card for long time and if it becomes NPA the bank can recover it from assets attach with them.

Dimple Jain
Advocate, Jodhpur
222 Answers

Not rated

Borrow money from your parents and repay credit card dues first

2) banks charge interest at 36 per annum for outstanding dues

3) apply for rescheduling of personal loan

4) if you are unable to pay declare yourself an insolvent

Ajay Sethi
Advocate, Mumbai
87938 Answers
6207 Consultations

5.0 on 5.0

1) You better show all of them your current financial status and get arrange lower EMI as compared to previous one for long term as a special case and get EMI of 5 tp 7 years atleast. And control your expenditure personally and family as well.

Ganesh Kadam
Advocate, Pune
12335 Answers
191 Consultations

4.9 on 5.0


If they are threatening you or using illegal means for recovery then go ahead and lodge a police complaint against them.

SC has held that recovery can only be made through legal means and illegal means can not be adopted.


Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

Don't worry. They can't do anything without following due process of law. Now a days, the Finance companies adopting the practice of threatening the defaulters through phone. You please neglect it. No one can take the law on his own and harass the defaulters. but you should be prepared to repay the EMI earliest. Finance companies will always take legal proceedings against the defaulters but they can't try any cheating case or remand against the defaulters. Whoever calling you from finance company with threatening call, then you can very well ask their name and enrollment number, case details.

Mohammed Mujeeb
Advocate, Hyderabad
19031 Answers
32 Consultations

4.5 on 5.0

Keep making small tranches of payments towards repayment of debt taken by you.

Any recovery measures that the Banks can resort to, have to be strictly in accordance with law and the agreement entered into in between you and the respective banks.

Vibhanshu Srivastava
Advocate, New Delhi
9426 Answers
245 Consultations

5.0 on 5.0

You have to resolve the issue with your bank directly. However, your plea that your monthly salary of Rs.25,000 is low may not be acceptable to your bank. You have to convince them strongly about your current financial status and ask for a one-time settlement in accordance with RBI norms if your account has already been classified as an NPA.

Swaminathan Neelakantan
Advocate, Coimbatore
1920 Answers
20 Consultations

4.9 on 5.0

If the banks issue legal notice demanding the dues, you may simply deny the allegations and allow the banks to proceed for recovery through court by filing money recovery suit, this will give you breathing time.

As the cases will run for years, you can stabilize your position and start repaying one by one gradually.

Even if he decree is passed against you, dont worry about this, you can pay the amount in installments when they file an execution petition executing the decree.

T Kalaiselvan
Advocate, Vellore
78097 Answers
1543 Consultations

5.0 on 5.0

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