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Default on payment of personal loan from 3 banks and 2 credit card du


12-Mar-2023 (In Banking / Finance Law)
Dear Sir, I took the personal loans in 2017. Credit cards are also used. I lost the job in January 2018. Continued paying till June, July 2018. Thereafter could not pay as there is no job and no income and no sources. Sold whatever movable and immovable assets were there in my possession. Used up the amount in paying emi's and credit card dues till July 2018 and in few cases till October and November 2018. Now they are harassing, calling relatives, daughter, son in law, other relatives, threatening through many methods. Sitting at my rental home for hours, at daughter's place etc. I am without job till date. What could be done? Personal loan is against the salary and cibil record, income tax return etc of an individual. It is not secured. There has been no default in the past 20 years that is the reason banks gave the loans. Now there is no salary and no assets. Until I get a job nothing is possible. What should I do?
Answers (1)

Answer #1
740 votes
Hello you can write to bank for emi holiday period for some time so that you can secure Job and continue paying, otherwise if you can arrange funds from family or friends whom you can pay in easy installments and go for one time settlement. Recovery agents can not harass you, you can file police complaint against them.
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