86+ Lawyers are online 
What can I do in case i cant repay loan
13-Apr-2023 (In Recovery Law)
I took a loan. Now since the past 4 months i have not paid the EMI. i am under financial distress and cant pay the loan amount. What can i do.
Dear Querist,
It is sad to know your situation. Never mind, face the situation boldly, go the financial institution / Bank and take all the proofs of financial distress, explain to them the situation and tell them that you are willing to settle the amount. Try to get sufficient time from them and seek loan thro friends / relatives and settle the matter.
If it is a loan by mortgage security they may sell the property and adjust the loan, if not, they will try to recover money from u thro selling your movables.
Pratap, Advocate
Pratap, Advocate
It is sad to know your situation. Never mind, face the situation boldly, go the financial institution / Bank and take all the proofs of financial distress, explain to them the situation and tell them that you are willing to settle the amount. Try to get sufficient time from them and seek loan thro friends / relatives and settle the matter.
If it is a loan by mortgage security they may sell the property and adjust the loan, if not, they will try to recover money from u thro selling your movables.
Pratap, Advocate
Pratap, Advocate
Helpful?
25+
25+
Adv. Pratap Kumar
Bangalore | 200+ Answers
Chat
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 Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Recovery lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
