Loan defaulter
anupam gupta
(Querist) 01 December 2015
This query is : Resolved
i took a loan from barclays bank of 3.48 lakhs and paid 21 installments. the rest 15 were not paid due to some financial constraints. i asked them for settlement but the amount was not settled. i left delhi and shifted to noida 2 yrs back till then no reply from there side. now after 5 years of last installemnt i came to know that barclays has sold there bad debts to phonix arc ltd. a part of kotak bank. now they are threting me with 138 ni through security cheques given 7 years back. regarding settlement they are asking huge amount which i am not in a position to pay. how legally i am bound
SAINATH DEVALLA
(Expert) 01 December 2015
The adopted bank has every right to recover bad debts.As a defaulter UR liability keeps on inflating and U R very much legally bound unless U repay.Hence meet the bank recovery people and go for an amicable settlement,instead of running after courts spending tons of money and time.
Kumar Doab
(Expert) 01 December 2015
You may show all docs on record to an able counsel and understand the application of limitation if any.
It is your obligation to pay the good money that you borrowed.
Decide rationally.
Rajendra K Goyal
(Expert) 01 December 2015
If the cheque was blank and they got it bounced recently, they can proceed u/s 138 NI Act. You can show that the loan was time barred.
C.V.Kansara
(Expert) 02 December 2015
if loan is time barred then you have good defence.
prabhakar singh
(Expert) 02 December 2015
From your statement loan seemes time barred ,visit a local civil lawyer to discuss.
ADV-JEEVAN PATIL, MUMBAI
(Expert) 03 December 2015
Seems various legal points involved needs carefully examined. Either approach local lawyer or contact me 9869400938 if u r from Mumbai wiil be more hwlpful
