Legal Question in Credit and Debt Law in

I have a personal loan with TATA AIG and I have paid for 24 months out of the 48 months loan tenure of Rs 9291 evry month. I took a loan for Rs 2,96,000. I bought a property and it was a total loss and I don't have any money with me. I requested tehm to settle the loan and that I can pay only Rs 1,25,000. They said the foreclosure amount is Rs 2,15,000 and the principle outsatnding is Rs 1,75,000. They are saying that the best they can offer is Rs 1,75,000 else they will take legal action against me. Please advice, I have been trying to negotiate with them for teh last 4 months but in vain. What is this leagl action mean? again. please guide and help me.

Asked on 8/27/10, 1:15 am

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in case you cannot pay the requisite settlement amount, you may wait for them to file a suit for recovery and then you can offer before the judge.

Answered on 8/27/10, 1:17 am

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