What should I do after receiving a bank legal notice?
I could not pay my last three EMIs because my husband and son met with an accident. The bank has now sent me a legal notice. What should I do? My financial condition is currently very poor. Is there any way to reduce my EMI or make partial payments so that legal proceedings can be avoided?
If you are unable to pay your EMIs due to genuine financial hardship, do not ignore the legal notice. Respond to the bank in writing, explaining your circumstances and requesting loan restructuring, EMI rescheduling, or a settlement, if available. Continue paying whatever amount you reasonably can. If the dispute continues, consult a lawyer immediately to protect your legal rights. For further legal assistance contact us on our helpline number.
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