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Narayan (Trainer)     29 December 2009


Dear ... Wishing you very happy and prosperous new year ......

I have one problem n can u pls suggest solution for this....

I purchased new car in DEC - 2007 and regularly repay the EMI's for 15 months... But unfortunately my business all of sudden collapsed 6 months ago and since then I am not able to repay the amt, I left my native home too and currently I am not in contact of my parents too.....I didn't get the job also ..... Presently I am working as driver in Delhi far from home and that car is the only source of income for me...I will pay all the money to bank but presently my earnings is so small that it can only provide daily food to me n my wife.... I want time of 2 or 2.5 years to pay the EMI.... just I came to know that bank legal advisor called my dad and ask to pay the at-least 2 emi.... MY FATHER IS NOT CO-BORROWER... pls tell me the solutions, pls also tell that whether bank can take any actions against my dad... I dnt want any new problems arise in my dad's life...PLSSSSS HELPPPPP......



 5 Replies


First  give details of your loan proposal, that is the security given and whether your  father is suretee to  your  loan.

Sandeep K Singh (Business)     29 December 2009

Dear Naryan,

First of all dont get scared with this. If you are not in a position to repay your emi, then talk to the concerned official of the bank and ask for some time to repay the debt.

If your father was not co-applicant or gauranter in that loan, he cant be asked for emis. No one can harrash your father for the emi but its your legal and moral obligation to pay the  debt of bank.

If you can post the details of your loan , I will be in a better position to help you out.


samyak Satish (Member)     28 January 2010

 I have full sympathy with you, if you are really in trouble as stated. It is good that u intend to repay . Presuming your intentions are not to cheat the Bank, pl. take note:

1. E-mail to Bank on customerrelationship department by quoting the loan account no.

2. The best thing to avoid the recovery agents is to call them in advance and ask when he will meet. Meet them at a public place always. Talk decently & briefly. Never give specific commitments. Only commit about next date. Before next date give a miss call and wait till he call u. Dont waste your valuable talk time, but waste his time. Narrate your entire story at length about problems you are facing. Take note, all conversation will be recorded, So never get angry or say any bed word or never loose temper. But at same time irritate the recovery agent as much as possible by talking about your problems etc etc Never commit any thing. And in last commit only next short date for having a talk. Repeat this till he leave you. While talking with agent, ask indirectly and study what is his powers, who is his next boss, what is his powers, at which stage your case is, what will be next stage and what action is taken in next case. Remember everything when the agent has lost his temper and used unparliamentary words. Send an e-mail to Bank and record all misbehaviour of recovery agent. Keep on mailing. But never do anything which can make your side negative in your case.

4. Mean time transfer all your properties which are in your name to your family persons name as fast as possible but without unnecessarily incur expenses which cant be incurred by u.

5. Tackle the worst stage of recovery follow-up of physical harasement which will be last one.  The case will be put up in Recovery not possible -stage.

6. Pl. note Bank will continute to follow u till it feel that some money can be recovered from you. So it is depend upon u how best u convinence them that u cant pay anything at present for ___ days and also say that u dont want to cheat the Bank but your luck is not favourable right now. The best policy is to follow them, give miss calls, irritate them. 

7. Most IMP: Ask one of your best relied relative to help u in this way: Get a cheque from him deposit it in your bank, withdraw the amount and give him back. Keep receipt with you only. Make a document that you were in need of more finance and you have created a further charge on your home in addition to the Bank. Pl. see that the loan amount should be more than in aggreegate of market value - less BaNk loan amount. Inform the Society about it. Inform the Bank about it. This is risky. so check all pros and cons. 

8. Request the Bank to give the required time. Pay some amount with covering letter to adjust the same against principal amount.

But always pray to God that your worst time get over and that u dont want to cheat the Bank and though their attitute is not good in these times, you will return the principal amount as fast as possible. Ask HIM to get u a good job so that you can pay it. It will happen provided how strong is your wish.

I think your problem will be solved meantime.

Advocate. Arunagiri (Advocate High Court Madras.)     11 December 2010

The bank cannot initiate any action on your father.

The bank may get a court order for taking possession of the car.


May your father not be the co-borrower, but if he is the guarantor in your loan case, the bank can press your father also to clear the loan amount. So, please recheck the position on that aspect.

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