Personal loan repayment
kaushikbardhan
(Querist) 28 May 2015
This query is : Resolved
Dear Concern,
One of my friends father took personal loan of Rs.1 lacs from the cooperative bank before 8 years back and expired after 2 years.
Now bank is harassing legal heirs and guarantors for the payment. Legal heirs paid Rs.1 lacs before 1 year back.
Now bank is asking for the balance payment(LATE PAYMENT AND OTHER CHARGES) from the Guarantors. They even approach the Guarantors office and ask them to deduct his monthly salary of Rs.7000/- per month and deposit the same to the bank.
Please guide what should be done as bank is asking any Rs.2.29 lacs as a late charge and difference amount.
Kumar Doab
(Expert) 28 May 2015
The legal heirs have reset the clock 1 year back.
If bank doesn't agree then the contracted charges are to be paid.
However the affected party should show all docs on record to and able lawyer dealing in such matters and understand the remedies and merits.
SAINATH DEVALLA
(Expert) 30 May 2015
The guarantors as well as the legal heir are responsible for the liability of the deceased person .But at the time of paying 1lakh they should have settled the matter with an agreement and the bank would have certainly waived interest.
Rajendra K Goyal
(Expert) 01 June 2015
If the loan has not been re validated, the loan seem to be time barred. Ask the Bank to provide copy of documents and send legal notice for harassment.
If the loan / documents has been renewed, guarantor is liable for the payment.
T. Kalaiselvan, Advocate
(Expert) 05 June 2015
You have re-validated the loan by paying some amount recently, therefore the legal heirs failing to pay the balance amount, the guarantors may be held liable. A talk with the manager of the bank may induce some respite, or engage a lawyer and fight the case.
malipeddi jaggarao
(Expert) 05 June 2015
It is personal loan and no properties are given as security (I believe). The legal heirs are not automatically responsible for the debts of the deceased unless they sign the document afresh agreeing to discharge the debt. The Bank cannot take any action more so once the limitation is expired. You say last you made part-payment. Who has signed the remitting/depositing slip? You have already paid some amounts and if all the legal heirs are not willing to discharge the debt, the bank cannot legally do anything except leashing threats.
