what to do it is impossible for me to pay the bank loans which i have taken from diffrent banks .I have no property right now,but i want to pay the loans but i will be not able to pay the intrests is it possible.I can only pay the principal ammount is any setllement with the bank is possible?
2007-04-08 03:34:00 · 13 answers · asked by Aditya G 1 in Business & Finance ➔ Credit
Though it would be not be prudent to suggest anything without going into details of your case specific, yet you may contact your bankers for an amicable re-scheduling or re-finance - the later being a very difficult option. Debt recovery tribunals/courts are very ruthless to defaulters these days.
2007-04-08 03:56:40 · answer #1 · answered by helpaneed 7 · 2⤊ 0⤋
First thing is, I do not believe, any Banking Authorities will provide loan without any guarantee or proof submission. But this can also be accepted since you have mentioned that it is personal loan. The best suggestion that I could give you is, talk to the Banking Authorities in such a way that you can reduce the monthly EMI's and that would relieve some burden for you. All Banks in India will have some considerations on such situations. So instead of thinking about the Insolvency Petition or Suicide try make use of the above points and Over come this situation soon.
2016-05-19 23:47:54 · answer #2 · answered by ? 3 · 0⤊ 0⤋
When you do not have any property, how they have given you loans that too from different banks,may be on salary basis. Do you have responsibilities or u are in the habit of taking loans and spending easily. If that is the case then stop immediately, otherwise, you will be in soup. Live according to earning do not go for which is beyond your capacity,which is a bad habit.
2007-04-08 03:55:30 · answer #3 · answered by durga v 2 · 0⤊ 0⤋
I am sorry to hear about your financial strain. It is one of the most challenging things you can face. I would hate for you to have to file bankruptcy - that is a tough roe to tow and it is not at all as easy as it sounds especially since the laws regarding bankruptcies have been changed.
You need a plan. The first thing I would suggest you do is get a second and third job to help make the payments. Then, call the lenders to make arrangements to pay what you can. In other words, do all that you can and after you have done all that you can just let it go. I mean it is not going to help you to worry yourself sick about it. So, just do the absolute best that you can and then follow follow the plan through.
Best of luck to you. I know from personal experience how weary financial issues can be and you have my sympathy.
2007-04-08 03:49:21 · answer #4 · answered by Challenge 4 · 1⤊ 0⤋
You have very few alternatives. There is the possibility of declaring bankruptcy, but you haven't given enough info to see if your are qualified. Besides, bankruptcy should be the last consideration. You could try some debt consolidation loan and the last is to sit down with each bank seperately and see what you could negotiate with them. Banks are willing to talk with you. They don't like litigation, it cost them money.
2007-04-08 03:42:23 · answer #5 · answered by ttpawpaw 7 · 1⤊ 0⤋
Banks would never accept principal payments only. They might accept interest only payments, but it sound like you cannot even do that. Your best bet is to call them right away and explain the situation and how you intend to get out of it.
2007-04-08 03:38:27 · answer #6 · answered by Anonymous · 0⤊ 0⤋
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2007-04-09 04:23:13 · answer #7 · answered by Gerard D 1 · 0⤊ 0⤋
Friend,
Before borrowing anything, we should consider our repaying credibility/source/strength/assets/liabilities/dependents welfare/medical needs and any unforeseen circumstances.
Past is past.
Now try to over come the situation and present crisis.
Instead of answering to varied payment due banks, Consolidate your all loans to one particular source of finance.
Transfer mutually your liabilities to that, and on amicable understanding.
Dont further damge your credibility.
If nothing works to your favour, surrender yourself to your borrowers and seek humanitarian mercy.
At any given point, do not put your family/dependents to penury.
Wish you a prosperous turn-over tide.
2007-04-08 03:55:30 · answer #8 · answered by Vijay 3 · 1⤊ 0⤋
YOU MAY APPROACH THE BANK FOR "COMPROMISE SETTLEMENT" ,but before that you have to convince the bank about your actual position and your willingness to pay the principal amount.Bank, if convinced, may refer the matter to higher authority for their approval.However ,Bank to Bank the procedure differs . what ever may be, you may approach the Bank , rest depends on their policy / procedure.
2007-04-08 04:00:43 · answer #9 · answered by SOUMYA JYOTI m 2 · 0⤊ 0⤋
it's the banks money,let them worry about it.If you have nothing, too bad,they can't get blood from a stone.Just as long as you told them the truth in your loan applications,they cannot accuse you of fraud.The banks write off hundreds of millions every year,so your loans are just a p**s in the ocean.If you insist on paying,then make them a reasonable offer,if they refuse,they will have to justify their refusal if it came to court.Above all,don't worry,it's not worth it.
2007-04-08 03:47:59 · answer #10 · answered by michael k 6 · 0⤊ 1⤋