Jess Divya (j) 11 July 2013

Issue with a personal loan taken in 2007

Hi Experts,

I had taken a Personal Loan in 2007 from one of the leading banks for my parents to book a Flat in my Home city. My father had promised to take care of the EMI's by depositing funds.

Unfortunately our relationship went bad to worse and I left my House and started living in another Metropolitan city.

After almost 6 years I got a call from an advocate saying that he has sent me a Notice under section 138 C. They would have digged my name and found it in the database of the Telecom company. He was also saying that a warrant was issued on my name.

Looks like my father stopped paying the loan the month I left my house.

I was fully confused and told him will call him later.

I have been shifting house in this new metro city almost every 2 years. I have never received a single notice or summons. I am puzzled now and panicky.

Please help. I do not have the financial stability to make any payments towards the loan at this moment.

Reply Follow

3 Replies

Ajit Singh Cheema (practising Advocate) 12 July 2013

It is advisable to contact your banker, get the latest position of the loan account ,as WELL AS THE POSITION OF THE CHEQUE DISHONOUR CASE . yOU SHOULD TRY TO BOLDLY FGACE THE ADVERSE SITUATION .YOU WILL DEFINITELY GET SOME WAYOUT.

Advocate Ravinder (Advocate/Attorney) 13 July 2013

As advised by ajit sir, immediately contact the bank manager and try to convince him your situation. If you can arrange money you can go for one time settlemnet. But if you cannot arrange for money you have to face the consequences of civil case and cheque bounce case, there is no other way.

I think at the time of taking loan you must have given some property as security, then ask the bank people to seize the same and adjust the amount.