Non payment of personal loan
Ekta Maniyar
(Querist) 23 December 2015
This query is : Resolved
Hi,
I would like to inquire that if a person is not able to pay a personal loan what steps can be taken by bank? Can bank misbehave with relatives of defaulter?
Actually, I am inquiring for one of my friend. He is actually facing a tough time financially. Before some years he took personal loans from 2 banks and now he is unable to pay it. Bank have found his entire family details from somewhere and they are torchering his daughter by giving a call at her employer's place.They are contacting his wife and misbehaving by using unprofessional language.
What can be done by him? Can anyone suggest a way out of this situation?
Will appreciate your suggestions.
Thanks & Regards,
SURESH BV, Advocate
(Expert) 23 December 2015
The Bank should not misbehave. If the Bank is torturing the way you have explained, you can file a complaint before the police. If you are unable to pay the loan, the Bank will take legal action for recovery from you equally holding the surety responsible for repayment of loan.
Rajendra K Goyal
(Expert) 23 December 2015
As per RBI guidelines, Bank people can not misbehave with the defaulter. If they are misbehaving with daughter of the defaulter, she should lodge FIR against the Bank people.
SAINATH DEVALLA
(Expert) 24 December 2015
I sail with the views of the above legal experts.
UR family members can immediately file a complaint regarding harassement in the PS and enclose a copy of the complaint to the SP or Commissioner of Police,as the local police are always hand in glove with the recovery agents of the banks.
Ekta Maniyar
(Querist) 24 December 2015
Thank you experts for helping me out with your valuable suggestions. I would like to share you that bank people over the phone are torchering them and insisting them to approach police. As per my experience with police department many of people do not get any solutions approaching police. Do you really think walking through police will help my friend's family to stop the harassment of Bank people.
Rajendra K Goyal
(Expert) 24 December 2015
Record misbehaving conversation and if police does not file FIR, file direct complaint with the Magistrate.
Ekta Maniyar
(Querist) 24 December 2015
Ok thank you Mr. Rajendra. Iwould also like to inquire that as my friend is not able to pay his loan and as loan is personal loan so in that case is anybody else liable to pay that loan(eg. his daughter, his wife or his son?
SAINATH DEVALLA
(Expert) 24 December 2015
UR friend can send a legal notice to the concerned recovery agency regarding harassement of his family.Bank will not directly indulge in such activities.But they can proceed against him legally as it would have been a secured loan.No bank will grant a loan without security.Hence he must have given either given personal security or collateral security of others.
Kumar Doab
(Expert) 24 December 2015
Record all calls.
Submit police complaint under proper acknowledgment, by email (attach call recordings), and by letter.
Submit complaint under proper acknowledgment, by email (attach call recordings), and by letter, to MD, Chairman, local BM, and also Governor RBI.
If the loan is barred by time then the agents are after you for hefty commissions that they shall get if they succeed in recovery.
If possible arrange dharnas at local BM's office and call media.
Tame and shame them.
Sudhir Kumar, Advocate
(Expert) 24 December 2015
Basically it is you not your friend.
agreed with experts.
but why do you not refund money.
Ekta Maniyar
(Querist) 24 December 2015
Mr. Sudhir. Its not me I have never taken a loan. He is my male friend and I am helping him out through informations I came to know through this portal. Thing is Bank people are torchreing his family that is the reason I am not feeling good and trying to gather information and help him out.
Thank you experts to help me out with your inputs.
Kumar Doab
(Expert) 24 December 2015
In both Forum and Experts section on right hand side there is option to Search topics and posts.
Just type harassment by recovery agents and you will get access to unlimited number of threads with detailed and lengthy information with judgments addresses etc.....
If he is unable to resolve entrust to an able lawyer specializing in banking/consumer matters and your lawyer will take care of everything..
SAINATH DEVALLA
(Expert) 25 December 2015
U cannot keep on saying that "MY FRIEND CANNOT PAY THE LOAN AMOUNT',It is his responsibility to clear the dues irrespective of his present financial situation.Only thing the bank can do is to waive some part of the interest accrued.
K.S.Srinivas
(Expert) 29 December 2015
The persons who have given surety are responsible for repayment of the loan.
T. Kalaiselvan, Advocate
(Expert) 03 January 2016
