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Loan and credit card emi unable to pay


28-Oct-2024 (In Civil Law)
Hi this is Mohamed Azees I have taken multiple loans including credit cards and personal loan around 46 lakhs outstanding pending . I lost my job last year. Totally 6 cards and 8 loans . Monthly emi totally 178000. I am unable to pay emi because of job lost Loan agents continuously visit on my home for asking repayment. I am clearly said that I am jobless and I will pay once I get a job . But they are not accepting this .my wife and my new born baby fear about this.
Answers (2)

Answer #1
508 votes
hi Felix here, I can well understand your concern from the query raised, you can file a police complaint for harassment if there are repeated harassments from every institution, also can file a complaint to the Hon'ble state human rights commission and send a legal notices to the institution stating when you will be able to pay back and the schedule of repayment, thank you
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Answer #2
712 votes
When one fails to pay the EMIs on time, the bank/lender will decide to sell or auction the collateral and send a letter to the borrower regarding the date of sale or auction. However, the borrower has a right to the amount left over after the auction is completed and the required dues have been paid.
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