What should I do if loan default causes financial trouble?
I took a loan but was later terminated from my job. Now, the salary of the surety person is being deducted every month. They are threatening me to repay the amount, but I am facing financial hardships and am unable to repay it right now. What should I do in this situation?
If you lost your job and cannot repay the loan, the surety person is legally responsible but cannot threaten you. You can request time or go for loan restructuring. If pressure or threats continue, you can file a police complaint. Also, consider applying for insolvency or legal protection due to financial hardship. For further legal assistance contact us on our helpline number.
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