What to do if I am incapable of repaying my debts?

Question

What to do if I am incapable of repaying my debts?

27-Dec-2023 (In Civil Law)

As I am not able to pay Mt debt towards a service provider company but now they are claiming that the will do action with my documents and this will affect on my future like banking, government sector

Answers (2)

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Advocate Anupam Kirti LawRato · Accepted Answer · 2017-12-28T16:40:28+05:30

Answer #1

They will file a recovery suit against you in the Court. How much was the loan? Have you received any legal notice? Try not to give them any cheque which gets dishonoured otherwise you will be in trouble.

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Advocate Manoj Kumar LawRato · Accepted Answer · 2018-01-03T08:09:30+05:30

Answer #2

you need general counseling because they shall not harm you physically but they have right to take legal action against you. in the absence of repayment of debt, community of creditors relying upon the cibil data, who managing the records of debtors and repayment track. in case if any customer make default, the member of creditor bank update information to warn other creditor/lender to prevent further loss and other lender would also avoid granting you further credit unless you make payment of earlier debt.

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