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dilip kumar (assistant accpountant)     19 March 2014

Personal loan settelment

DEAR

PLEASE TELL ME IN THE CASE OF PERSONAL LOAN(GOVT SALARIED PERSON) BENIFICIARY DEATH HOW TO CLOSE LOAN SETTELMENT.



Learning

 4 Replies

Kumar Doab (FIN)     19 March 2014

It is good that you want to pay.

The legal heir(s) may approach the lender with copy of death certificate and letter informing death of borrower and demanding the authenticated copies of: Loan a/c statement till date showing all credits/debit entries and:

·         letter of offer

·         copy of filled in loan application

·         copy of loan agreement

·         terms and conditions governing the housing loan

·         other documents such as schedule of fees and charges

Banks are required to give authenticated copies of documents executed by you free of charge. (cf. para 8.11.1 of Code of bank’s Commitment to Customers)

The legal heir may also demand receipt of FNF payment, loan a/c statement till date showing FNF payment made and NIL balance, NOC , and credit statement issued by CIBIL showing closure of loan without any adverse entry.

 

 

Kavita (clerk)     20 March 2014

My husband had taken Personal Loan from HDFC which was 5 years back but now bank persons are approaching us for money...loan amount taken was 140000/-.  In Oct 2013 the bank personnel asked us to pay 70000/- for final settlement but later he convinced us to pay full amount for CIBIL score so i paid them 65000/- in oct 2013 then i paid minimum amount 500/- for 3 months then last month i gave Rs 6000/- now i am requesting for final settlement coz i cannot pay as per there requirements...so now again m requesting bank for final settlement by taking 20000/- but now bank is not ready for final settlement...please reply me what should i do further coz i m not in position to pay balance amount.   The loan is on my husbands name not mine but m paying the money on his behalf...pls guide

Farzan (Senior promotion Officer )     20 March 2014

Dear Sir/Madam,

 

Whoever taken PL they are liable for bank, in case in any manner a person notable to pay full amount half amount been paid to bank rest amount anymore not able to pay is there any way to get rid out of this issue,

 

Suggest me

Thank you

Abdul farzon

Kumar Doab (FIN)     23 March 2014

The 5 year old personal Loan might have been barred by time.

If it was time barred by time then no recovery should have been enforced.

Did the bank offer settlement in writing? Do you have the copy?

If yes then instead of paying Rs.65000/ you should have paid whole amount and obtained NOC.

By paying partial amount you have revived the debt and now bank has  again added penal charges. Now limitation won’t act in your case.

You seem to have erred.

If you are not borrower and you have be coerced to pay under evidence then ask your lawyer if there is any merit in asking to refund you the monies???

Frankly it seems difficult. However let your lawyer opine on it.

If NO then close the loan by paying the settled amount. This time ensure that you have everything on record and you are supported by your lawyer.

 

 

 


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