- As per the RBI , the bank should give proper time and offers for the settlement of loan amount., on the ground of health and sudden financial loss
- If , the bank is not agree to give time, then don’t worry and let them to start legal action against you.
- Firstly, the bank will issue demand notice prior to take legal action from the court. You should reply the same after narrating the whole story of business failure etc as per your situation.
- Even, if the bank filed a case before the Court, you will have much time to repay the said loan amount and to settle the matter according your present situation.
- If bank official/people are harassing, then you can do the following for your safeguard.
- You should lodged complaint at the police station for harassing & threatening , as law not permits anybody to take the law in his hand. If police refuse, then you can approach the magistrate for the same.
- You can file an injunction case against the bank and its recovery agents for the direction of not visiting the house or office for the recovery of dues amount of loan.
- You can file a complaint with the RBI .
Don’t worry, In this way , the bank will itself try to settle the dispute with you.
- Presently , if you will approach banking ombudsman , then they will not cooperate you . Do the needful as mentioned above.
Good luck and dont forget to rating Positively.