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Movva Srinivas
in Civil Law Criminal Law
Asked September 05, 2017

Loan not paid as job lost

  • 1 Answer
  • 200 Views

I have taken a personal loan of 1 lakh from a nationalized bank. After repaying some regular EMI's they offered to enhance the personal to Rs:2 lakhs which I accepted. After paying regular EMI's to the tune of 1.05 Lakhs I lost my job and there was delay in payment and they issued a court notice which was dismissed 5 years ago. Now after 5 years I received a phone call from the bank asking me to attend Lok Adalat for settlement. What is your advise. Thanks.

Answer 1

I suggest you attend the Lok Adalat and settle the repayment amount and time period. It is possible that you settle for lesser in a Lok Adalat, than in a court, though you should ensure that you put forth your opinion before the Judges clearly. 

Agree Comment 0 Agrees over 3 years ago

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