cpc

education loan and busssiness cc related query

Systems Engineer

Hi All,

 

In the Year 2005 i have taken education loan of some of amount 2 lakhs which i am unable to pay regularly.

Apart from that my father had a bussiness CC account in the same bank where we used to have random transcation.After sl*g in the business we were unable to return money as on timely basis.

At the moment i am paying 5000/- rs infront of busseness CC loan.This is only helping me to return the interest on principal amount. I am unable to pay any thing in exchange of my education loan due to my financial condition.I am paying this 5000/- rs since last 2 years but i am spending the money from my pocket but the priciple amount still remain the same.

My father is retired and i am only the earning source in my family.I am ready to clear up the amount but i wish that bank should provide me certain settelmemt scheme.My house is also kept as mortgae against the bussiness CC loan(The valuation of my house is much higher than the loan i have taken).

My father is scared as the collection guys are threatning to spoil the integrity of my shop in the market.

Please guide me how to go by legal process to get out of this harrasment and burden of loan.

 
Reply   
 

In your querry it is not clear if you have compleated your study. If you are employed you have to pay the loan installments regularly. The loan installment includes interest portion also. But according to you, you are paying only interest portion. In that event there is no scope for reduction of the principal loan amount.

What do you mean by settlement scheme ?  No concessions would be available from bank side. However the concession may be for a meager amount. Once they settle the account then they start fixing the payment schedule immediately. In default the bank may take action under SARFAESI Act and sell the mortgaged property.  sale for realisation of the entire loan at once in which case the house may not fetch the market prise since the sale would be distress (forced) sale. In the alternative you may seek permission of the bank to sell the house at market price and deposit the sale proceeds directly so that you may come out with surplus sale proceeds.

 
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Systems Engineer

I have completed my education in 2009 and i am employed with a very low package which is only sufficient to fill the empty stoamch of my family and me.Next to it i am also responsible for repayment of bissiness cc as there is no scope of bussiness and my father is retired now.Second the amount(5000/- rs) i have mentioned above is the amount which is i am paying against bussiness cc as the bank is threating more than the education loan.So as i am only the person in my family who is responsible and  who will clear both loan.

 

Now here my expection is that how should i move towards the settelment of the both loan because it is very difficult to survive.May i know any settelment procedure which is practice in the market for this type of critical issue.

 
Reply   
 

Approach Lok Adalat for drawing a settlement.

If the bank does not attend the case before Lok Adalat, the case may not be sttled. Settlement does not mean that you will get lots of concessions. At the most the bank  may enlarge the number of instalments suject to payment of arrears of the defaulted  amount if any.

 
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Systems Engineer

Sir,

 

Please suggest me the way wherein i would come out of this problem.I do not have much amount to pay them.

 
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Systems Engineer

Pls suggest as it is going to be very much critical for me.

 
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Advocate

Amount borrowed by you and also by your father are to be repaid to the bank, who helped you in need. To get rid of the problem, you have to think to sell some properties ( the mortgaged property or if it is sufficient, a portion of it) for settling the dues. Better discuss with the bank officials for such an amicable compromise settlement. Otherwise, it would be a permanent problem for your family, since the bank may proceed with harsh actions for recovery.

 
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Systems Engineer

Really appreciate for your quick response.

I agree the bank really help us a lot and i am in very much favour to repay the whole amount.Before moving to the bank official i just need your helpful suggestion.I tried lot but i am only able to manage 55% of the whole amount of loan as a settelment amount.Please let me know does the bank encourage this type of cases or not?

How should i deal this ? how should i initiate a table talk with bank official ?  what should i say so that they accept my guinine concerns?

 

Thanks for reading..

 
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Systems Engineer

Could some one pls reply on my last query.
 
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Systems Engineer

Cold you please share your contact number

 
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