Repayment of Bank Loan

By SBW •

I have taken a Loan while i was working in Dubai from a multinational Bank, however i was not able to pay the bank for about 6 to 7 months as i lost my job,

i found a new job in Qatar and contacted the Banks collections dept(an Outsourcing Co) and i agreed to pay a certain amount every month and this i have done for the past 4 months now, but suddenly they have asked me to settle the amount in full within the next 4 to 5 month or they will take legal action

can they take legal Action as I’m paying them an installment every month ??
what will happen if they take legal action??

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By Acadian• 10 May 2011 03:28

If you have an agreement to pay them in installments hopefully you have that in writing. If not. You certainly have proof of your monthly payments to the bank. So if they take legal action what will come out of it? You are repaying your dept! Keep paying as you agreed and let them blow smoke. Just to be sure you can ask any legal advisor or lawyer.

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Repayment of Bank Loan

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