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Personal loan default, need help
01-Mar-2023 (In Recovery Law)
Hi,
I took few loans to start my business, which failed. I then started doing job, however, my loan repayments were more than the salaries I used to get. To avoid loan defaults I did a blunder, I started taking short term loans and started using credit cards to withdraw money and converting those to EMIs. Now my EMI and expenditures are more than 2x my salary. Against my intent I an not able to repay my EMIs. My bank charges 550+GST for each NACH bounce from my salary account and lander is charging another 500+GST for EMI bounce.
I am planning to withdraw all NACH from my account to avoid these charges.
Can I do that?
Hello you can withdraw your instructions to bank for automated clearance of emi. You should settle your loan accounts with the bank under OTS, however settling your loan account will effect your cibil score and you may get difficulty in future loan approvals.
Helpful?
Adv. Ranbir Singh
Faridabad | 500+ Answers
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