Lawyerment Discussion Forum
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 | Loan default (modified 0 times) | newbie | |
| What action can bank take against us if we failure made repayment to personal loan? A friend of mine has defaulted his loan for a few months. Recently he received a letter from the bank asking him to settle the outstanding amount or else they will take legal action. Will bank really do that or are they just threathening us? If they really take legal action, what will happen? Can they repossess my friend's car coz the car loan from the same bank. | |
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| RE:Loan default (modified 0 times) | vkpc | |
Can they repossess my friend's car coz the car loan from the same bank.
No. | |
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| RE:Loan default (modified 0 times) | Futurelawyer | |
| Can if there is clause in your agreement saying that cross default. If you failed to settle ur personal loan then the Bank can terminate ur HP agreement then repossess ur car. | |
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