Legal Question in Credit and Debt Law in India
Sir
i have taken loan from bank in 2006 of rs 4.00lacs. i have paid 12emi's, in this recission i had lost my job iam not in position to repay my loan amt right now due to my financial condition, but bank is saying they will file 138 against me.........ihave no savings my basic house hold expentidure if 20k per pm i am facing very diffculties to manage my expenditure right now i can i pay my loan dues pls suggest me what can i do in this case..
2 Answers from Attorneys
your only remedy is to write to bank ombudsman for rescheduling your emi and they agree to it. Or to settle amicably with them. If you don't and since they are holding your cheque they will take steps under 138, which then you will have to contest
you may seek bail in 138 case and in case they file a civil suit defend it stating your financial position and seek mediation in the matter.
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