Legal Question in Credit and Debt Law in India

Hello, I have taken 2 PLs for my family's medical ailments in Sep 2008; one of Rs. 1.5 lakhs & second of Rs. 2.5 lakhs. I had paid around 7 EMIs and then I was in severe financial problems as now my Salary was reduced (5000/- to 1200/-), job is now other firm.

Now, banks are calling me; but I'm unable to pay the EMIs as they are more than my current salary.

I can pay 15% on the principal outstanding balance in two installments. to settle my lone accounts. What I do?


Asked on 2/15/10, 4:03 am

1 Answer from Attorneys
RAJIV GUPTA (Cell: +91 9811284735) [email protected]

in case the matter goes to arbitrator or the court, you may request for instalments.

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Answered on 2/15/10, 4:40 am


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