Questions & Answers
How to restructure a loan after salary deduction?
Hi madam,
My question is related to credit card non-payment. I have a credit card. There is an outstanding amount.
I could not continue the payment. Last 4 months, I did not pay anything because my salary got reduced by 30% permanently. The bank kept on calling me to pay the amount.
In July 2020, the company sent me on a long vacation after joining in December. Since that, I have paid some amount. My last payment was in May 2021.
Please help me to resolve this issue!
Dear questioner,
Thank you for contacting me!
I can completely understand your situation.
However, subjects like discounts on loans and their recovery measures, etc. are solely based on each bank's private policies.
If the bank is not cooperating for a restructure, you may either face the legal consequence or pay the outstanding as per their instructions. The bank may file a criminal complaint if they present your security cheque to recover the outstanding.
They may take civil action - like filing a performance order or an ordinary civil suit, however in a civil action, you will get a chance to explain your situation before the court.
The court may acknowledge and grant you an option to pay the outstanding in affordable installments. But you may face a travel ban until you pay the full amount.
Regards,
Rajasree Ravivarma
