Debt With Bank | Vkeel - Free Legal Advice

Regina

Margao

I have a loan with Citi of 2,50,000 (principle) and a credit card outstanding with HDFC bank of 4,15,000 (principle), both are non-secured loans. Received the legal notice last month. I have not paid since April 2020 due to COVID and medical reasons and do not think I can for another year. I am salaried. I have offered a 20% settlement given the job scenario and medical expenses incurred due to breast cancer treatment which is the best I can do at this point. Citi is agreeing for a decent settlement but HDFC bank is refusing. What I would like to know is my home is in joint name including mother and me (mother being the primary owner). Can they try to do an acquisition of the property? What is the best step I can take to save myself here? Does it make sense to transfer my 50% to my mother including my vehicle so they have no hold on it?

Expert's Answers(2)

xxxxx cxxxxx
Bengaluru, Karnataka

184 Client Ratings

Dear Sir, You must go with wishes of HDFC Bank and without their consent you cannot transfer your 50% share in favour of your mother. You may approach higher authorities in the Bank. Please give me rank after viewing my details. Please call me for further assistance.

November 30, 2020
Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

This Idea may come to your rescue to some extent as the Bank has not yet taken any step. But it would be better to get the loan re-scheduled and settlement afresh. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.

November 30, 2020