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I took a loan of 3 lakh for 48 months on my credit card one year ago. My last month's EMI of 16,000 is due. I received an invocation of arbitration, and they mentioned that the total outstanding balance of 3 lakh (almost 1 lakh including interest that I have already paid since last year) must be paid by January 15. I received the email on January 16. They have not mentioned any further dates, and I am unsure what to do. I do not want to go for a settlement. I can pay the monthly EMI, including the interest. I will need to arrange the amount of 16,000 that they asked me to pay via their collection team. My registered phone number is off, so I am unable to receive calls from them. Please advise me on what I should do. I do not want to go for arbitration and instead prefer to continue with the monthly EMI as originally agreed.
Sir, you should immediately contact the lender via email and explain your intent to continue with the original EMI plan, you may also request clarification on the outstanding balance. If they insist on arbitration, then you can send a legal notice requesting a resolution through monthly EMIs by citing your willingness to pay regularly. For further legal assistance contact us on our helpline number.