Reg Education loan of my wife and my father in law
Aman
(Querist) 27 March 2011
This query is : Resolved
Dear Sir / Madam
Greetings!
My wife took an education loan for Rs. 3.62 lacs from SBI in 2003 for doing her MBA and got passed out in 2005, she got a job in May 2005 and started paying Rs. 3000/- to her father to pay the emi to the bank as he was working with SBI ghuwahati branch and they belong to ghuwahati only and took loan from assam. Her father adviced her to pay 3k p.m as her salary was less and she was staying in delhi along with her mother and brother hence her father requested bank to accept 3k. We got married in Oct 2008 and till then she paid 3k to her father regularly in cash but her father dint pay regularly to the bank and the amount started to increase month on month due accumulation of interest. Approx 5 days before marriage my father in law invited me to his delhi home and told me story of the loan and at that time the outstanding amount was around 6 lacs and we both agrreed to pay 3k each i.e 6k p.m to the bank to clear the dues but i requested him to mark a SI in his account for 6k and i promissed him to pay 36k in advance for the whole year as i dint want to trust him thus i asked him to mark SI for 6k, again he never bothered and dint pay even 3k. Last year after his retirement from the bank, the bank debited his a/c with 1.48 lacs and sent him a letter to start paying 12k p.m. A day before he came to our house in delhi and insulted us saying that he will not pay anything and we have to pay the entire amount which is around 5.6 lacs now and he is threatning us to take us to court and report to SBI AGM/ DGM to send the notice to us.
My question for you is what could be the legal reperrcussion on my wife and what can i do to my father in law who dint pay regularly to the bank despite of taking it from my wife in cash. Also why should we take the accumulation of interest on interest levied by the bank. I am ready to share for the principal part from my pocket. Plz advice what can we do?
Thanks in advance
Regards
Aman Chhabra
chhabraaman@rediffmail.com
Devajyoti Barman
(Expert) 27 March 2011
When your wife has discharged her moral duty to repay the loan and when her father has faltered in his obligations to pay the emi s regularly then why you are getting worried.
The loan having been taken in his own name, you or your wife has nothing to do. At the most if any balance amount towards that 3 lac and odd is still due then you or your wife can offer him that balance amount.
Advocate. Arunagiri
(Expert) 27 March 2011
I think the loan is in her name, not in the name of the father. She is liable to settle the loan. It may be true that she had paid the money to her father.
Suhail suhail
(Expert) 27 March 2011
Well i agree with Mr.Devajyoti,you need not to worry,as mentioned by you that your wife has been regularly sending money as installments, but you stated she has been paying in cash,as otherwise if she had made payments through bank transfer or money order that would had made enough proof of paying towards the bank through your father.
However i advise you not to worry,worst to worst what will happen bank will file a suit for recovery for money,and perhaps while applying for loan your father -in-law would be guarantor as is required while taking loans,so why you worry,ask your father in law that he will take care of situation well,and provide accounts detail as her daughter has been making proper monthly installments to wards bank @3000/- per month;he will deny as seems he is unfortunately a dishonest man,but he cannot do anything.
I could smell by your statement that he insulted you and threated you,which definitely means that he is either co-borrower or guarantor,that means if your wife failed to pay the co borrower and the guarantors are equally responsible to make payments against loan amount,if the case is so then you are in a much better condition.
However do not make any payments towards the bank till the matter is not clear,ask your wife to write an application to the branch manager explaining everything with a CC to General Manager,and at the most the bank will come for negotiations and make installments,even in other terms if they filed a suit the result will be same the court will make installments and you will get your matter clarified and proper justice will be done with both the parties.
Aman
(Querist) 28 March 2011
Thanks to all for their valuable replies and taking out time to revert to my query.
Regards
Aman Chhabra
Guest
(Expert) 28 March 2011
Dear Aman,
The liability remains and complications arise for the person in whose name the loan has been taken. The loan must be in the name of your wife and your father-in-law would have been a witness and guarantor to the transaction.
But, irrespective of regular payment of installments of loan to your father-in-law, the loan still remains to be paid by your wife on record of the bank, as no transaction has been made with the bank, may be due to fault of your father-in-law.
So, first of all stop making payment to your father-in-law. You need not bother about the amount of Rs.1.48 Lakhs debited in to your father-in-law's account. You should take care of the liability of your wife only. So, try to contact the branch manager and settle the installment terms for the rest of the amount, as on getting whereabouts of your wife through the guarantor (your father-in-law) the bank may file a case of recovery in the court of law against your wife and she would have to attend the court in Guwahati on every date of hearing. Although guarantor would also be the party to the case, but if he is so shameless, he can simply say that the amount was not paid by your wife and he has nothing to pay, as he has already given address of your wife.
HOWEVER, if the loan is in the name of your father-in-law for education of his daughter, and the loan account is not specifically in the name of your wife and no bond has been signed by your wife, you need not bother at all. Only he would be liable to clear his debt. The transaction would be between the bank and him only.
PS Dhingra
Chief Executive Officer
Dhingra Group of Management & Vigilance Consultants
New Delhi
[dcgroup1962@gmail.com]
