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Clarification regarding personal loans and credit cards
15-Mar-2023 (In Banking / Finance Law)
Hello, I have taken a few personal loans and credits card and till last month I have paid every due for all. But from this month, I will not be able to pay all EMI's and credit card min balances. I wanna take a permission of 6 months from banks after that I would b in a position to start to repay all dues on monthly basis so can it be possible if we go by legally? further, what is the procedure and consequences we need to face if we file an insolvency ? pls explain in detail
You have to explain your current financial position to your bank, and convince them to agree to your revised repayment programme. It all depends on the bank's decision in the matter. If the bank classifies your account as NPA, it will be difficult for you.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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