Took a personal loan and credit card unable to pay now want to settle

Dear Sir, Please guide me & help me, I have personal loans of Rs 2lakhs from HDFC bank(71000) and Bajaj Finance (145000) & credit cards outstanding from 4 banks of Rs. 9 lacs. From last 6 months I am unable to pay. Now I want to settle the dues one by one. Please help. I have also sent a request mail through legal advice app. Regards 

Answers (3)

As from your query it can be ascertained that you want to settle the dues one by one.

It will be recommended that first you should make a income plan so that you get to know the amount you can segregate for payment of dues per month.

Then find out all the dues regarding your loans aals well as credit card along with the time frame you have to pay or the time which has expired. This will help to create a priority according to which you have to pay.

Now approach the banks/credit card companies one by one and find that whether are ready to settle. Few will be ready to settle and few will not. Now banks who are ready to settle, settle out with them. And the one which are not ready to settle then you can apply to delhi mediation centre to help you to get settlement in Lok Adalat. So that that settlement cannot be appealed and there will be no settle lment without your consent.

I hope i answered all your query

Thank you

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it will be advisable for you to contact the concerned branches for which you have taken the loan and try to negotiate with them regarding the amount and installment schedule regarding the repayment of the loan. As per my experience, the bank will waive off the interest on the amount outstanding towards the credit cards. if the bank has proceeded with arbitration then it will be advisable to contest against the execution of awards. it will provide you an opportunity to negotiate with the bank and also provide you enough time to make arrangement for the payment of loan.

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You can made /send a representation to the Bank for settling of your account. Refusal or acceptance of the same by bank will decide your further action. In case of denial to accept by bank you can initiate the Legal action in due course of law i.e. can approach to the consumer court and other remedies. For any more details you can call for consultation please.

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 and has been responded by one of the Banking / Finance Lawyers at to address the specific facts and details. You may post your specific query based on your facts and details to get a response from one of the Lawyers at or contact a Lawyer of your choice to address your query in detail.

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