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Debt Issue/ Need EMI relaxation
18-Nov-2023 (In Cheque Bounce Law)
Hi, I have 5 Personal Loan and 2 Business Loan and 1 Credit Card Loan Running on me, this all were taken for business purposes, however fail to establish a good cashflow in business, i am in loss, so I have started bouncing an EMI's, i need a Holiday EMI's atleast for 6 months, so that i can re-establish myself and pay all the future EMI's on time with all charges.
Thank you very much for posting your query on lawrato platform. As you have 2 running loans and credit card here As long you are paying monthly installment on time there is no issue on that. When you are planning to take a break due to your financial crisis we have to follow up with the bank and lot of consideration needs to make.
we will be happy to discuss further about the same.
Helpful?
Adv. Purvi Shah
Mumbai | 25+ Answers
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hi
in this situation you can send legal notice to the finance company by putting forth your current financial situation and reasons for non payment
you can also prohibit them from harassing you for recovery of debt
Helpful?
Adv. Rohit Shaligram
Pune | 5+ Answers
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