Froud done by frined
Rumit
(Querist) 28 May 2014
This query is : Resolved
Hi,
My friend took laon from the bank on my name. now he is not paying emi. I have one notaries egreement on 500rs stam paper mentioning that he has took all the money by cash and he will pay emi on regular bassis the Agreement done in Aug 2012. Now Bankers are harrasing me for the loan emi. I am not sure how to recover the money. Please help..
ajay sethi
(Expert) 28 May 2014
did you sign the loan agreement ? if so bank would recover money from you .
you can issue legal notice to your friend . file suit for recovery of money
Sankaranarayanan
(Expert) 28 May 2014
It is your duty to repay the same. The dispute between you and your friend is different. As per the bank you are the defaulter and you should repay the liability as per the terms and condition. If banker harassing then file a compliant with the police station
Rumit
(Querist) 28 May 2014
if i file the case against the friend and if he prove that he is not able to pay means he earns only 10k then what action court will take.
Rajendra K Goyal
(Expert) 28 May 2014
Loan is in your name, if loan papers have been signed by you, you have to pay. Bank is not concerned with your friend.
If you file case against your friend stating that he is unable to pay due to the fact he is earning less, your chances of recovery would be less.
However, if your friend has forged your signatures, you can file a FIR against him for fraud etc.
Guest
(Expert) 28 May 2014
First of all, no bank pays the amount of loan in cash. It makes payment through crosed banker's cheque to be deposited in the personal account of debtor.
Secondly, no bank sanctions loan without making sure of the identity of the debtor.
So, you better verify how the loan got santioned and paid to whom and on whose agreement.
It may be possible that you would have been the fuarantor of such a loan to your friend.
Sudhir Kumar, Advocate
(Expert) 28 May 2014
The querist is prima-facie very (very) clever.
He simply stated that friend has taken loan on his name.
either
he has taken loan for his friend as friend was unfit for loan. In such case he should not be aggrieved if his friends is not paying back. He should now pay to bank honestly.
or
his friend has forged his signature and got loan and he is aware of this and not taking any action. In such case he should pay the loan silently.
Sudhir Kumar, Advocate
(Expert) 28 May 2014
@ Mr Rumit
you say that you have agreement on Rs 500 stamp papers (contents of which can be commented only by a lawyer who sees it. Has the bank made any agreement that refund of loan is not binding on you if your so called friend does not pay you.
Sudhir Kumar, Advocate
(Expert) 28 May 2014
you said
"I am not sure how to recover the money"
I am not even sure whether at all you will get money.
You can file civil suit on your friend if the said agreement as per your lawyer binds your friend.
Sudhir Kumar, Advocate
(Expert) 28 May 2014
further
what was the purpose of loan you mentioned to the bank
Did you mention it to the bank truly that you are taking the money for benefit of your friend who is incapable or not sound enough for raising loan?
If you have taken loan for any other purpose then you may be liable form criminal prosecution.
Rumit
(Querist) 29 May 2014
Thank you very much for you valuable replys... Let me breef you all. Me and my frined decided to start the business. We took personal loan on my name. Legaly he is not involve in it. But for the same we have made one agreement as He took the whole money by cash and he will be responsible for all loan. its agreement between me and him. Now What is the best way to come out of it. i.e. Either how legaly we can prove that he is resposible I am not or how we can recover the money from him.
ajay sethi
(Expert) 29 May 2014
well since you have taken personal loan in your name you have to repay the loan with interest . the bank is not concerned with your internal agreement with your friend .
file case against your friend to recover your money
Rajendra K Goyal
(Expert) 29 May 2014
There are two parts one is you and the Bank, another is you and your friend,
You have taken loan from Bank in your name, You signed the loan documents, you have to pay, it is your liability, legally you are bound to return the loan.
You can file case against your friend if he has accepted the liability for the money taken by him from you. You have to prove that you have given him loan and he has not returned it to you.
If your friend has nothing to pay, it would be very difficult to recover the money even after court decree.
Rumit
(Querist) 29 May 2014
Mr Rajendra Thnks for you reply. If my frined not able to pay the loan what will be legal action court will take? like he will get jail or what?
Guest
(Expert) 29 May 2014
I don't understand, why you tried to mislead the experts at posting of your initial query, when you took the loan in your name, but you stated that your friend took the loan from the bank. By misleading the experts, you have simply wasted vauable time of experts.
If you really need solution to your problem, you must have stated what is what of the facts. Even now you have not provided complete information about the case.
Nowabout your latest query, he will get jail or what, all depends upon the terms of agreement between you and your friend. First of all you should realise that the payment of EMI is your own liability, not that of friend. Secondly, except brief mention of agreement between you and your friend, you have not mentioned what proof of payment of cash (loan receipt) to your friend is in your possesion?
Sudhir Kumar, Advocate
(Expert) 29 May 2014
You friend was not able to pay the loan or he was not able to get the loan?
why you only took loan why not he?
what sort of business you were starting when one person has no capital and other has borrowed?
