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Personal Loan Harassment - Bankrupt situation


27-Jan-2023 (In Recovery Law)
I was a salaried Individual in Bangalore, took a personal loan from a leading FinServ and didn't miss a single payment. After I lost my job due to the pandemic, i wasnt able to make pymts and I have been taking a lot of app loans and loss in shares nd to clear the personal loan EMI fearing their harassment as they don't even give one month time and are brutal visiting my house, abusive words, humiliation, calling family and relatives etc. They started abusing my family, relatives and the entire contact list of mine. I am behind payments of all the loans that I have taken and it's totaling upto 18 Lakhs. My family has already disowned me and I fled to Kerala following my job loss. My EMI's will easily touch 7ok plus monthly and I am trying for a job that will hardly pay me 10k a month.The harassment and pressure has started already from a lot of app loans and I dont have any money to repay. I dnt have any assets too,Will serving jail time get me to breathe nd without live without fear ?
Answers (1)

Answer #1
963 votes
the agreements signed by you includes legal heirs , representatives , assigness etc so if you are not reachable to the bank or to the law enforcement officers those people who are legal heirs, representatives, assigness etc are going to be contacted in your absence and non communicatin. secondly what can be done in your case you can declare your self as in solvent what ever assests you have in your name will be attached to the bank and other agencies for the repayment of the loan. so its better to decalre yourself insolvent for preventing the further harassment.
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