quesUnable to pay bank loans

I have taken credit card and my car on loan from 2 reputed banks and now I am unable to pay the loan. The bank are threatening me in terms of legal notice & police cases. sir presently my condition is very bad & i am not in position to pay back my loan. please help me what should i do. ?

  • ansThe bank may take possession of vehicle and auction it at a throwaway price to recover the amount of loan along with interest. This cannot be successfully preempted.
    For your credit card payment you may request the bank to reschedule your balance amount in easy installments.

  • Send a legal notice for recovery of dues @ Rs. 1999/- only

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  • Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at LawRato.com and has been responded by one of the Recovery Lawyers at LawRato.com to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at LawRato.com or book a Detailed Consultation with a Lawyer of your choice to address your query in detail.
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