Default in loan repayments

GURVINDER SACHDEV (Querist) 25 October 2011 This query is : Resolved
Sir
i would like to know what r my rights in case of default in personal loan repayments,
and if i have collection managers and their representatives applying pressure for recovery to meet their targets
regds
gurvinder sachdev
WISHING EVERYONE AT LAWYERSCLUB A HAPPY DIWALI AND NEW YEAR

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Sankaranarayanan (Expert) 25 October 2011
As simple as is you have to pay the default amount. But subject to the notice should not be the time bar.if it is time bard then need not reply for it

Shailesh Kr. Shah (Expert) 25 October 2011
Rightly advised by Shri Sankar narayanan.

Devajyoti Barman (Expert) 25 October 2011
Yes you have no option but to repay it.
However of the Bank sends gon to recover the arrears then lodge complaint to the Police.

prabhakar singh (Expert) 25 October 2011
As a defaulter debtor you have no right but only liability to pay off the debts as per agreement.

The creditor does have right to demand payment and on your denial to sue you by filing a realization suit.

BUT IN NO CASE THE CREDITOR HAS ANY RIGHT TO
REALIZE THE DEBT BY ANY KIND OF HARASSMENT TO YOUR PERSON OR PROPERTY ON ITS OWN OR BY ANY KIND OF AGENCY,IN CASE IT DOES SO ,IT IS CRIMINAL ON THE PART OF CREDITOR FOR WHICH AN FIR AND COMPLAINT IS AN OPEN ROUTE FOR YOU.

Guest (Expert) 25 October 2011
Pressure by collection managers and their representatives cannot be applied. If there is any such event you can call the police by ringing at 100. They usually apply pressure on the debtors just to make themselves eligible to earn commission on recovered amount.

You can talk directly to the banker for easy monthly installments.

ajay sethi (Expert) 25 October 2011
you ahd raised this query earlier gurvinder if i am not mistaken ?

collection managers cannot threaten you . if any one threatens you lodge a police complaint against the manager.

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