Legal Question in Banking Law in India

What are the stages that we should follow to settle the loan which is not paid for 8 years? Recovery people are calling and abusing my family and and also at my work place.

To get statement of Account, Should i communicate with Back directly or should i communicate through a lawyer. I want to get rid of all the 2 credit card loans, 1 personal loan, and one 1 Autoloan, (car is stolen and not found) but still want to get rid of it. Can anyone advice the right procedure to settel these loans.


Asked on 4/16/16, 2:49 am

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP

16.04.2016

Dear Sir / Madam,

You should yourself go to the Bank, ask them for the latest Statement of Outstanding pertaining to your Credit Card(s), Personal and Auto Loans, negotiate a one time settlement of each of them, pay and settle them off, and obtain a letter stating "no outstanding, all dues received and account closed" for your record.

Regards,

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Answered on 4/16/16, 3:24 am


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