Bank Loan

Querist : Anonymous (Querist) 13 February 2011 This query is : Resolved
I took loan from a bank while serving in Dubai- UAE but could not repay due to termination of my service.After a gap of 2 years I recvd a threatening letter from some agent claiming to be appointed recovery agent of overseas bank for untoward action from them if failed to resolve the issue either with them or the the bank at Dubai.Can it be legal for the recovery agent to do so.What remedy is left with me.

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Advocate. Arunagiri (Expert) 13 February 2011
The recovery agent duly appointed by the bank, is having the right to send letter to the defaulters.

If any unlawful activity done by the bank or agent is illegal.

But, simply demanding the money either oraly or written can not be a illegal activity.

Parthasarathi Loganathan (Expert) 13 February 2011
Could you please share us the contents of the so called threatening letter purported to be sent by the Recovery agent?

malipeddi jaggarao (Expert) 14 February 2011
I agree with Mr.Arunagiri. The remedy is to have a dialogue with the bank. Seek some time. If there is a provision like remission of interest as in the case of Banks in India, find out with them and appeal to them to reduce the burden explaining your financial problems. Whether you have instant repayment capacity or not, always it is advisable to be touch in the bankers so that it will develop the confidence in them that you are not a willful defaulter and recovery process is delayed for genuine reasons. If you avoid them, they will be forced adapt the all methods for recovery including engaging recovery agents, taking legal action etc.

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