Legal remedy for extra time to repay the remaining of loan amount

hi sir . I am running one school in uttar pradesh and purchase a school bus from Tata motor finance. i was failed to do the payment on schedule time. last month i comitted to settle the payment in one time . and settlement amount was 3,60000 . But i pay 2,05,000 in three part since last month. i will pay rest amount also in 15-20 days. But Finance company individual they are putting lot of pressure and asking to surrender the bus. due to my financial and health condition i am enable to make payment in 3-4 days but i can pay in 20 days. sir, can you suggest me to to take steps for getting 20 days time

Answers (3)

309 votes

You may write a letter to the bank officer describing your health condition and problems and also write them that you can provide a pdc cheque to them against the bank dues. They definitely provide you time on your written request. But it should be done through mail or registered post

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266 votes

Sir you can always persuade the Bank People to give you extra time due to health and financial weakness and since you paid Rs. 205000 there is no intention of not paying therefore write a letter to them explaining this situation and request them for appropriate time. The courts will be in your favor if they seize the bus and you are willing to settle all amount.

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Hello dear,
As you explained your problem, two remedies can be availed. Firstly you can complain to the city magistrate of your concerned area and secondly you can file your grievance with the consumer forum.

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