How to handle legal action by ICICI for not paying EMI for last 3 months ?

POSTED BY sacks ON July 14, 2014 6:16 pm ONE COMMENT

Hi,

I took a personal loan of 200000 from ICICI when i was working. i lost my job in november 2013 but i am paying my EMI & now i ha’nt paid it for last 3 months.now i got a legal notice for further legal proceedings.tomorrow 15th july i am joining a company in delhi.what can i do to make these guys understand that i will pay it when i got the salary.even i am gonna to pay whole salary to clear the backlog. plz suggest me something.

One reply on this article “How to handle legal action by ICICI for not paying EMI for last 3 months ?”

  1. Credexpert says:

    Dear Sir,

    Your legal obligation to repay the loan is not dependent on your capacity to pay at any point of time. However, given your situation and the fact that you will start repayment once you have the funds available, you should approach the bank and explain the situation to them in detail. Ensure them that you now have a job and you will start repaying to cover up your past defaults (3 months) as well.

    Regards,
    Credexpert
    http://www.credexpert.in

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