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I defaulted on payment of loan what action can be taken against me
24-Jun-2023 (In Cheque Bounce Law)
I have defaulted on a loan payment for 7 months and bank has threatened with a legal action and subsequent warrant issue in my name. However when I had spoken with a collection manager of the Bank he told it will be a civil case filed against me. But I am confused as the person who came to my house threatened police action and subsequent blacklisting. Also told I have to pay immediately on the spot when legal notice is sent. Please help.
In case you failed to make the payment for the loan, the initial step that the bank will take is to send you a legal notice asking you to make the payments within stipulated time. If you fail to make the payment within the stipulated time, the bank will file a recovery suit which is a civil suit to recover the pending amount.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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