Personal Loan Liability

Student

Hi.


My father has taken a personal loan of 1 lakh  in SBI but he expired 3 years back, he has paid more than 1 lakh  but still few installments were left. We didn't know about it. The bank has approched us nearly an year back and we asked them for a settlement but they didn't respond and wanted us to pay  the whole amount with interest till date. 

My question is am I liable for the personal loan of my father?


My mother is receiving my father's pension, is she liable for the personal loan ?

if so to what extent are we liable?

 

thanks and regards

 


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advocate

you may be liable to pay from the property you have acquired from your father, but pension of your mother is safe as it can not be attached any way.

 
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Student

I have not acquired any property from my father and there is no property on my fathers name.
 Am I still liable.. ???

 
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Student

Hi. Actual case.. is my dad took loan for 1 lac and he expired 4 years back. We didn't know abou the loan and when bank approched us 2 years back we paid tham 50,000 and gave a request letter for one time settlement. There was no further correspondence from bank at that time the outstanding amount was 30,000. Recently they again approched us and asking us to pay the amount of 60,000 to close the personal loan.  We have paid off the principal amount and even some part of interest too, these 60,000 is interest component.  We were asking the bank that we will payoff that 30k but they were very reluctant. They are threatning us that they will file legal suit against them. I am ready to take it but If I tell them to proceed legally, is it a good option?  If I go legally is there any chances of wining?  I want to teach a lesson to the bank, on their harrasment.


Any suggestions ?

Regards

Chidvi

 
Reply   
 
Advocate

Personal loan is an unsecured loan.  By signing request letter for one time settlement and by paying said 50k you voluntarily stepped into the shoes of the borrower.  Plz.  check the date of the letter.  3 yrs is the limitation for filing suit against you for recovery by the bank.  After 3 years they cannot file suit, the debt gets time barred and they cannot proceed against you.  Otherwise, your undertaking amounts to guarantee and they can proceed against the guarantor for recovery of their loan.

 

U have another option, if the debt is not time-barred, one option, you can approach banking ombudsman for a discounted settlement.

 
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Advocate

If you have not inherited any property from your father the banker cannot proceed against you for recovery of their unsecured loan but, you yourself have submitted to bank by giving them request letter for one time settlement.  Now that gives them scope to proceed against you.  Pension of your mother is safe- they cannot touch it.

 

Even if a suit is filed against you - you have chances of winning on certain grounds. 

 
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Advocate Chennai. Formerly Civil Judge. Mobile.09444261613

You said your father died 4 years back.

If the bank has not initiated any suit/legal proceeding to recover the debt,

the debt becomes time barred and not enforcable.

 
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Advocate

Ramesh sir : what will happen to the letter of undertaking or whatever signed by Mr. Chidvi? (Ofcourse we dont know what exactly the bankers have committed him into - we cannot presume without seeing exactly what document is that.. isn't it?)

 
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Student

Hi. Thanks for the replies..  I haven't signed any document with the bank..

I gave them a requesting letter , asking for a discount settlement...

 
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I had taken pdue to personal Loan from a Bank 6 years back and paid regularly however due to un- forseen circumstances I default on the EMI after a year. I lost my job and since then I am surviving doing irregular jobs or contract which is not even enough to take care of my own needs. I hardly earn anything now to fulfill my basics so I am unable to pay the EMI. Somehow the Bank collectors found my no.. and contact and now after my life to pay the amount which is 1.36 lacs ( with interest they are saying around 2.6 lacs). I do not understand what to do . Though with the same bank I settled my credit card by paying whatever I had in installments but I did even after so many years. I need what are my possible options and what all bank can do against me. I am mentally harrashed and tortured by their collectors at odd hours and even they called all my possible contacts through my phone no. data and are harrashing me. please suggest,

 
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