Personal loan default
JEET
(Querist) 25 July 2014
This query is : Resolved
Hi Team,
I had taken a peronal loan of 5 lakhs in the year 2007 and after paying a 4 months EMI , i loose my job and then keep on switching places and have no idea what happened to the loan . After 7 years now , when i am settled again , somehow I was contacted by the concerned bank again for the repayment of the whole loan .I already know that after 7 years the loan has been writ off the bank records . Secondly bank do not have my original documents like application form etc. Can there still be a legal action against me if I do not pay the loan . OR in case I ask for the settlement , to what extent I can negotitate with the bank for the repayment so that I can pay lesser amount. I can pay a 1 lakh rupees against the outstanding principal amount of 3 .7 lakhs. Please advice and I will act accordingly .
Regards,
Jeet.
Devajyoti Barman
(Expert) 25 July 2014
Since you have taken loan, you have to repay it along with intersect.
The settlement for a lesser amount is discretion of bank wherein you have no legal right.
ajay sethi
(Expert) 25 July 2014
if you defaulted in making payment has bank taken any legal proceedings ? if no suit filed claim of bank would be barred by limitation
JEET
(Querist) 25 July 2014
Hi Team,
No bank has not taken any legal action yet .They are trying to negotiate the amount these days. Its been more than 7 years now. They do not have any originals with them . They have just got the scanned copies of my application form and other documents . Can their still be a legal action against me that bank can do . Not sure guys, I have always been informed that normally nothing can happen in personal loans. Had their been such a case , they could have done a police case within these 7 years . I do not want to give more than 1 lakh . Please advice what all are the options with me at this stage.
Regards,
Jeet.
Sudhir Kumar, Advocate
(Expert) 25 July 2014
as far as legal part of the query is concerned the querist gentleman appears to be aware of the legal position.
JEET
(Querist) 25 July 2014
I have got some contacts in the Bank , from where I came to know that the legal part has not yet started. I just want to know in these circumstances , can they start any Legal enquiry against me or not . Does that really happen in personal loan that bank will go into any litigation even after 7 years.
Regards,
Jeet
JEET
(Querist) 26 July 2014
Yes Sir, i have given security cheques, the amount has been disbursed in my account .I have told them that I donot have money . I just have 1 lakh rupees. My bank balance is 0. I want to give but can't help any more.I am not running away from them . I want to ask you Sir , they have got scanned copies of my documents and cheques. The orginals are not there any more. Can anybody lodge FIR or undergo any legal action , on the basis of just scanned photo copies since anybody can create those scanned copies. Please advice.
They always say that they will do this and that , call the police , why didnt they do within these 7 years.
Regards,
Jeet.
ajay sethi
(Expert) 26 July 2014
bank will need originals to prosecute you in courts for recovery of the loan amount with interest . since bank does not have any security for loan granted to you bank would be amicable for settlement .
JEET
(Querist) 26 July 2014
Thank you so much Mr Ajay. I know that I have done wrong by not paying them money back . And might be because of that my family faced lots of financial crisis. This is a lesson for me and I will make sure that whatever mistakes I have committed those will never be repeated neither from me , nor from my kids ever. I'll make sure .. Thank you again.
Regards,
JEET
Sudhir Kumar, Advocate
(Expert) 26 July 2014
They can present security cheques and get it bounced and file criminal case on you.
Sudhir Kumar, Advocate
(Expert) 26 July 2014
you say that they have written off the loan but have no communicated the same to you. Unauthroisedly leaked information will not help you if they decide to sue.
JEET
(Querist) 27 July 2014
yes, the bank officials themselves say that the case has been written off from bank since no suit filed claim of bank would be barred by limitation. Moreover they do not have the original cheques with them . They have got the cheques scanned copies at the moment . The originals have been disposed off within these 7 years of time span . Its totally careless of them but that true. My question is its been 7 years now , why didn't they file any legal action against me till now . Strange but thats good for me .
Regards,
Jeet.
Sudhir Kumar, Advocate
(Expert) 27 July 2014
why it should be believed that the bank will give a loan without original application and without original security cheques.
If it is true then bank officials may have indulged in fraud (in connivance) while disbursing loan.
JEET
(Querist) 27 July 2014
Bank has taken original cheques and original application at the time of loan disbursement. But now they have only the their scanned copies after 7 years. The originals are now not with them now. Now please advice.
JEET
(Querist) 29 July 2014
Any update from any expert.
V R SHROFF
(Expert) 29 July 2014
as you know IN & OUT / HAVE SOURCES,,/ IN BANK, Amicably solve the problem, They may decrease recoverable amt. Adhere to justice.
It is public money that u used.
It affect public at large, Bank shift Non recoverable loan burden to borrowing businessman.. that increase inflation..
JEET
(Querist) 29 July 2014
I totally agree to you Mr Shroff and I know I did something wrong and thats's why God might have punished me with some disease in my kid which I cannot discuss in this Forum . I am in vain . I have increased the amount to 1.5 Lakhs and trying to compromise with Bank. Thank you again for all your support.
Regards,
Jeet.
Sudhir Kumar, Advocate
(Expert) 29 July 2014
YOU SAID
"Bank has taken original cheques and original application at the time of loan disbursement. But now they have only the their scanned copies after 7 years. The originals are now not with them now. Now please advice."
If this is to be believed than it appears that some bank employee stole the originals from bank in connivance with you. If FIR is registered by the bank then during remand you will also disclose his name.
JEET
(Querist) 29 July 2014
No back official is involved with me . I was told by one of the bank employee long time back that the originals are not with them now. That's why I am so sure. I have confirmed personally with a lawyer as well. No bank can lodge a case without originals. So there is no question of FIR now -> Mr Sudhir.
My simple question is why didn;t they go into legal action within these 7 years . Please answer this nothing else if you understand English.
Regards,
Jeet.
Sudhir Kumar, Advocate
(Expert) 29 July 2014
"Please answer this nothing else if you understand English"
This is a charitable forum giving free legal advise. One cannot be arrogant when seeking charity.
JEET
(Querist) 29 July 2014
Well, this is not the answer to my question . I am sorry if I am sounding arrogant . Though i have already got my answer from few other folks from this forum and also personally from few advocates as well, still I would like to have your opinion as well . Again I 'll repeat "why didn;t the bank go into legal action within these 7 years. Now suddenly they realize that I have defaulted in their debts. I am not running away from them . My keen intention is definitely pay them as much I can afford and finish off with this tension in my life." They continuously threaten me that they will go into legal action and will do this and that but why today , why not7 years back. It means that what the bank official told me was correct that they do not have originals with them . I am trying to compromise in 1.5 lakh, thats the max. I can give. please advice.
Regards,
Jeet.
Kumar Doab
(Expert) 29 July 2014
--This post is Deleted---
Sudhir Kumar, Advocate
(Expert) 29 July 2014
I do have material to contribute to view of Mr Kumar Doab but I DO NOT UNDERSTAND ENGLISH.
JEET
(Querist) 29 July 2014
Sir. its your wish and maturity that you are trying to act smart even after my apology. The reason I was arrogant is that you have always replied "If this is to be believed than it appears that some bank employee stole the originals from bank in connivance with you. If FIR is registered by the bank then during remand you will also disclose his name." What is that ? I don;t know whether it has been stolen OR whether it has been destroyed after the time is barred. I am ignorant of such things and you say "That I have to disclose that person's name in front of Cops" . Now from where this story came from. Please Listen and stop behaving like Rahul Gandhi. Still, I sincerely appreciate your efforts for solving my case .
Thank You Kumar Daob , for your wonderful advice. I will update soon .
Regards,
Jeet.
Kumar Doab
(Expert) 30 July 2014
"Please answer this nothing else if you understand English"
I missed to note the comments in third post counting from last post of the querist/author and his last post, and also last post of Expert Mr. Sudhir Kumar.
Applying discretion I have deleted my last post.
The learned experts have advised on the matter and addressed it fully.
