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msgforsunil
12-04-2012, 02:40 PM
Hi All,

I have a site loan. Unfortunately, the site has been encroached by someone and on appraoching the bank folks, they are claiming, they wont take action, until I stop payment. What would be the next course of action by bank, if I stop loan payment?

What are the other alternatives available for me?

Thanks
Sunil Kumar

Manish_Kumar
12-04-2012, 03:18 PM
If you stop making payments, you will be defaulting the loan payment. Once that happens, the bank can and probably will take action against you. This will start with a collection agency and also take possession of the site. If you do not pay to the agency, they will likely file suit against you for the amount you owe and they'll likely to win as per terms and condition of the your loans.

MTG
14-04-2012, 03:24 PM
Hi All,

I have a site loan. Unfortunately, the site has been encroached by someone and on appraoching the bank folks, they are claiming, they wont take action, until I stop payment. What would be the next course of action by bank, if I stop loan payment?

What are the other alternatives available for me?

Thanks
Sunil Kumar
Stopping loan payment effect your credit rating also.

Madhura
20-04-2012, 02:38 PM
they are claiming, they wont take action, until I stop payment.
Why they take action? It's your property. They just want their money back.