Question Personal loan debt clearance solutions

[sukumara]

What possible solutions can be found for a personal loan debt (over 4 years in default) with one of the new generation banks. What if the loan portfolio is assigned to some debt buyers? The call from the debt buyers indicate that the entire amount of loan availed(irrespective of the several payments made from time to time) has to be paid if at all you should be debt free. What are the implications in this regard? What measures are to be resorted to in solving the personal loan debt crisis? The debt in question is in fact not an unsecured one, since the loan was disbursed with the bankers holding one of your signed ,but undated cheques.

[keepmine]

If it's been in default for 4 years, it may well be beyond your states staute of limitations.

[ValleYum]

Why do they have an undated check of yours in their possession? Is this why you consider this loan secured?

If it is not the check, what property is securing this loan?

Is it by chance a title loan or a payday loan or a Sovereign Indian nation loan?

If the check they are holding concerns you (and it definitely would concern me) why not close your checking account and open a new one? Have you asked an attorney for legal advice on this matter?