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Personal loan emi dues and credit card dues what should I do
22-Feb-2023 (In Recovery Law)
I lost my job and was not paying credit card bills from 3 banks around 1.2lac from 4months and personal loan emi from 2 months.And the personal loan department had issued a notice to pay the Loan amount in one week ,But I'm not in a situation to pay the amount.kindly guide me the best way for personal loan and credit card bills where I need around 1year time to settle all the dues.Bank people are not at all listening.
If you've lost your job, but are confident of getting a new one within six months, you can ask the bank to offer you a moratorium for this period. However, if your finances are strained due to some other reason, such as the EMI going up because of a hike in interest rates or increase in personal expenses, ask the bank to restructure your loan. To either reduce the EMI or keep it at the same level despite a higher interest rate, you could increase the loan tenure.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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