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Bank threatening to inform my employer for loan default what to do.
06-Dec-2023 (In Banking / Finance Law)
Hi, I had taken an education loan of Rs.3,00,000. After my father's (guarantor) death, I have missed multiple EMIs. bank actually has given me fair time but still I could not make up the due amount. With credit card and educational loan, I am not able to manage my finances. I am presently salaried earning 20,000. In addition to that, I am not able to get a personal loan for my low cibil score to pay off the existing debts. Currently I have a total debt of Rs. 6,00,000. How do I manage to pay off my debts? I don't have any property or asset under my name, neither my father had. Is there any way to get out of the mess? Also Bank threatened me to inform my employer. What would happen if they do so?
Sir, perused your query in details. It is apparent that the bank is blackmailing you. Banks should resort to due course of law and may take legal action against you, but however they cannot blackmail you under any circumstances. You must send a legal notice to the bank. Please contact for more details.
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Adv. Abhishek Dutt
Kolkata | 100+ Answers
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MY OPINION THAT there are many ways technically and legally to handle with the concerned Bank in the case of lone default, now according to your calculation ,the total amount of dues are which are now double in figure, there are ways to settle the Bank dues with amicable way, contact with me.
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Adv. Ranabir Banerjee
Kolkata | 200+ Answers
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Hi,
You are in a troubled situation. Bank can take legal action against you in this case but can't threat you in this way. I believe they are trying to create pressure on you. There are ways to settle the loan amount amicably but that should be discussed in details.
You are in a troubled situation. Bank can take legal action against you in this case but can't threat you in this way. I believe they are trying to create pressure on you. There are ways to settle the loan amount amicably but that should be discussed in details.
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