hemnath (admin) 10 March 2015

Revival letter

hello,

i have taken a education loan a few years back for around 13 lakhs. the loan amount dispersed was 9 lakhs. i have been paying the installment properly. but since last 1 year i havent paid the installment since i started a business with my friend & since then i couldnt take the money i invested. since then a bit struggling for me. but today i got a call from a bank & the manager asked me to sign the revival letter. the manager said that i have around 3.60,000 due to be cleared in next 10 days else i would be getting the legal proceddings. i tried to convince the manager saying i would be in a position to pay the half the amount now & rest in the proceedings month.

i need advice regarding about this revival letter.

does it mean that since i sign the revival letter they can go head with the legal proceedings against me.

if i could pay half the amount in next 10 days... will be able to come out of the legal proceedings?

please advise me....

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2 Replies

Kumar Doab (FIN) 10 March 2015

You have erred by not paying the debt while you had fun, and instead of paying the debt you decided to invest in business.

It is wrong business sense too.

The Non Payment is deliquency and it would have been recorded in your credit history and CIBIL: credit rating.

The lender (bank /BM) has nothing to do with your business interest and is concerned with its NPA only.

Before you sign any document you may show the Loan Brochure,Loan application,Loan offer,loan agreement,loan approval,loan a/c statement, notices sent by bank to your lawyer dealing in bank /consumer matters.

It is suggested that you should pay the amounts in one go and obtain concurrence in writing from Bank that your credit history shall be cleansed and deliquency shall be removed and payment shall have no adverse bearing in loan taking ability in future.

The bank and BM shall not issue any such communication easily, however may agree as and if you agree to pay.

Try your best to clear the debt and your credit history.

pokala.sreenivasulu (lawyer) 10 March 2015

revival letter is nothing but acknowledgement of loan .In view of u r payments and in view of u r willingness to pay half the amount ,Manager may not start legal proceedings.u r could be an N P A .