Riya Sharma
09 November 2013 at 18:13
Hello,
I need expert opinion regarding time barred claim.
We took an educational loan in 2007. Till 2009, we paid all the EMIs regularly. Later the bank misplaced/mishandled the loan details and refused to accept the EMI. By mistake they saved it as a Housing Loan instead of Educational Loan. Even after repeatedly asking for the EMI details, they didn't give us any details of outstanding loan amount. Therefore we stopped paying installments. There was no notice sent by the bank till 3 years.
After 3 years, in 2013, they called my father and asked for the payment. My father knew about the Time Barred limitation and hence he didn't give any acknowledgement to the bank. My father asked them to send a legal notice but the bank manger didn't send us any notice (as he knows that they can't get the claim legally after 3 years).
One month back, some amount was debited to the account for Income Tax rebate. The Bank is not allowing us to take the money from the account anymore saying that it is a "Freeze Account" in lien of the unpaid educational loan. The amount is shown as a ledger transaction not available for withdrawal. The available balance is shown as negative amount.
Is it legal for the bank to lien a account for a Time Barred loan? What can we do to withdraw the money from this account? Please advice us regarding this.
Thanking you in anticipation.
Best Regards,
Priya.
Member Strength 9,47,826 and growing..
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
Lien for a time barred loan
Hello,
I need expert opinion regarding time barred claim.
We took an educational loan in 2007. Till 2009, we paid all the EMIs regularly. Later the bank misplaced/mishandled the loan details and refused to accept the EMI. By mistake they saved it as a Housing Loan instead of Educational Loan. Even after repeatedly asking for the EMI details, they didn't give us any details of outstanding loan amount. Therefore we stopped paying installments. There was no notice sent by the bank till 3 years.
After 3 years, in 2013, they called my father and asked for the payment. My father knew about the Time Barred limitation and hence he didn't give any acknowledgement to the bank. My father asked them to send a legal notice but the bank manger didn't send us any notice (as he knows that they can't get the claim legally after 3 years).
One month back, some amount was debited to the account for Income Tax rebate. The Bank is not allowing us to take the money from the account anymore saying that it is a "Freeze Account" in lien of the unpaid educational loan. The amount is shown as a ledger transaction not available for withdrawal. The available balance is shown as negative amount.
Is it legal for the bank to lien a account for a Time Barred loan? What can we do to withdraw the money from this account? Please advice us regarding this.
Thanking you in anticipation.
Best Regards,
Priya.