Legal Question in Credit and Debt Law in India
Seasonal Greetings
I was offered four creditcard fascility by a bank from which i had utilised 2lac something but since last 11 months i m not able to make payments, and in between i shifted to my new residance address and i didnt informed my creditor,but now they have come to know abt my new address and started mentally harrasing me and my family. I am not in the condition to pay this debt so what should i do now. I can make maximum monthly payment of rs 5000 to 8000. Can i asked for the help of banking ombudsman.
I have also one confusing , what if i aske for the help of ombudsman and my case rejected on the basis of it being pending in LOK ADALAT. Though i have never appered in Lok Adalat neither i have received any letter for Lok Adalat as I have shifted to my new address. Please give me some idea.
2 Answers from Attorneys
You should not have shifted without informing creditors and they can file FIR against you.
Negotiate through a lawyer.
Lok Adalat is the forum, you can put forth your offer and your limitations. You should appear before the lok adalat as you want to fix EMIs for settlement.
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