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Thread: Stopping payment of loan

  1. #1
    PW Regular
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    Mar 2011
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    Default Stopping payment of loan

    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



  2. #2
    PW Stalwart Manish_Kumar's Avatar
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    Patna
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    Default

    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.
    Everyone has a scheme of getting rich.. Which never works.

  3. #3
    PW Expert MTG's Avatar
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    Pune
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    Default

    Quote Originally Posted by msgforsunil View Post
    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.

  4. #4
    PW Stalwart
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    Chennai
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    Default

    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.
    You will pick up maximum wrong numbers when on roaming.

  5. #5
    Banned
    Join Date
    Jul 2019
    Location
    Hyderabad
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    76

    Default

    You should not stop loan payments because your will be listed in credit defaulter and will not get any loans or credits in coming days.


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