personal loan
raju
(Querist) 19 July 2011
This query is : Resolved
respected sir.this is raju frm hyd.my father worked as a govt employee..who took a loan amount of 1.3 lakhs frm canara bank in 2004..with d witness of his subordinate...and he retired frm d service on 31july 2007..and he died in 2008...we dont know about the loan mateer until he died....now we are getting the notices from the honourable court of nizamabad to attend the court for my mom and my explanation..the suit was filed under section 22under(4)cpc under section 151cpc...we dont hve any assets..we are living only on the pension..only..can u tell me wt is the exact period of time to pay the personal loan..?do i hve any chance to avoid the loan...wt should i do
?do they give any attach to my mom pension to recovery the balance amount............
N. AKSHAY BERI
(Expert) 19 July 2011
U AND UR MOTHER HAVE BEEN IMPLEADED AS LRS OF DECEASED. IN CASE AS YOU SAID YOU CAME TO KNOW ABOUT THE LOAN YOU CAN APPROACH THE CONCERNED BANK AND GET THE ACCOUNT SETTELED. THERE ARE CHANCES OF SOME ADJUSTMENT IN CASE YOU ARE WILLING TO PAY THE AMOUNT BACK. THRE IS NO SUCH TIME PRESCRIBED TO PAY BACK THE LOAN ONCE THE SUIT HAS BEEN FILED AGAINST THE BORROWER. AS TOLD YOU ABOVE APPROACH THE BNK AND TALK WITH THEM REGARING SETTELMENT OF THE ACCOUNT IN ORDER TO AVOID FURTHER PROBLEMS.
