Recovery of long pending education loan by arc

Veera Kumar (Querist) 11 August 2023 This query is : Resolved
I took an education loan in year 2008 for Rs 270000/-with my father as guarantor Nos Reliance ARC IS CALLINto settle the amount for Rs 6 lakhs.request your advice..

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A borrower is seeking advice regarding an education loan taken in 2008, which has now been sold to an ARC. The ARC is demanding a significantly higher amount than the original loan. The borrower questions the legality of recovery after a long period of NPA and whether they can negotiate a One-Time Settlement (OTS), especially given their financial difficulties and lack of prior communication from the ARC.

T. Kalaiselvan, Advocate (Expert) 12 August 2023
If you had availed the loan then it becomes your duty to repay it, if you have not repaid the loan with interest then the lender will certainly take legal action for recovery.
So, what is the assistance or advise are you looking for in this platform?

Dr. J C Vashista (Expert) 12 August 2023
Contact money lender and settle it amicably.

Veera Kumar (Querist) 12 August 2023
My question is whether they can take legal action after more than 10 rears of loan became NPA. Could I ask for OTS as there was no calls or notice from ARC since 10 rears. I am already in financial crisis.

T. Kalaiselvan, Advocate (Expert) 12 August 2023
If they can take any action it should be through court of law alone and not by any individual threat or pressure.
If ther is a case filed before court and the court is taking them on its files, then you can challenge the same on the basis of the limitation act also besides other aspects.

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