Personal loan
Querist :
Anonymous
(Querist) 10 March 2016
This query is : Resolved
Good afternoon sir
Sir my father borrow a loan of 500000/- on janauary 2015
He was govt servent and in month of november he died
In the agreement theare is no co signer or co applicant and bone of guarantor
there is no prperty which my father had given to bank as assuarance
Sir iam a student what should i do
We dont hav any other prperty on name of my father
We live in rented house
And no capacity to pay outstanding of 450000/-
What should i do
H.M.Patnaik
(Expert) 10 March 2016
Have you received any notice to pay from the lending bank/organisation.?How do you know reg. absence of Co-applicant, guarranter or collateral security against this loan?
Pl. consult an experienced local lawyer dealing in Bank matters with available papers/ doc.s for proper advice.
Querist :
Anonymous
(Querist) 10 March 2016
By agreement copy
Querist :
Anonymous
(Querist) 10 March 2016
Yes sir i have gone through all the agreement there is nothing except my fathers signature
And now they ask us to come lok adalat on 12/03/2016
My father dont have any property on his name
What i do now sir
Querist :
Anonymous
(Querist) 10 March 2016
Good afternoon sir Sir my father borrow a loan of 500000/- on janauary 2015 He was govt servent and in month of november he died In the agreement theare is no co signer or co applicant and bone of guarantor there is no prperty which my father had given to bank as assuarance Sir iam a student what should i do We dont hav any other prperty on name of my father We live in rented house And no capacity to pay outstanding of 450000/-
I have agreement copy and there is nothing stated that of co applicant co signer and any guarantor
Plus my father had not given any mortgage to bank
he was kidney patient
And on dialysis and we also dont know about loan till november
So sir wat should we do
P. Venu
(Expert) 11 March 2016
The query has already been replied.
H.M.Patnaik
(Expert) 11 March 2016
Dear Querist,
Thanx for the response. Since you state that the matter is posted before next Lok Adalat, I assume the lender is a public sector bank.Your father being a Govt. servant must have availed the loan on the basis of Salary certificate and undertaking from the Employer(D.D.O.) regarding deduction of EMI from his salary. In case of death, it is the employer who have to intimate the fact to the bank as per the undertaking submitted .Your father would entitled to Provident fund, Gratuity and encashment of leave salary etc. which is to be paid to his Legal Heirs .So, you can not plead that your father has not left any property or resources to meet the debt burden.Rather, you appear in person before the Lok adalat and explain the situation and seek One time settlement of the outstanding loan on compassionate ground .
P. Venu
(Expert) 11 March 2016
With due respect to the learned expert Mr. Patnaik, it my considered opinion the benefits such as PF, gratuity, Leave Encashment etc., which the family of the deceased employee would receive, cannot, in the strict legal sense, be held to be the estate inherited from the deceased. So also, the undertaking, if any, given by the DDO mere assurance without any legal validity.
However, it is different matter if the family fulfils the moral liability clearing the debt through a settlement.
