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how to initiate settlement of bank loan
15-Feb-2023 (In Banking / Finance Law)
Hello Sir, My wife is a school teacher. Who has signed as a guarantor for a person. But unfortunately that person is not paying the loan even though she is in a good position. Meanwhile the bank is troubling my wife to pay the money. Even though the person is alive and is reachable. My wife has been put in to mental stress and has been approached by the bank in work spot. The bank is not taking any action on the receiver. (Government bank) Thanks for your advice.
Without taking any course of action against the borrower, the bankers cannot take any action against the guarantor. Though the borrower also liable for the non payment of the outstanding loan amount, the bankers first of all should initiate the recovery proceedings against the borrower. If his property is not enough to recover the outstanding loan amount the they initiate the proceeding against the guarantor movable or immovable property. But everything should be done through the court of law. If you need any further clarification, feel free to contact me.
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Adv. Selvaperumal
Chennai | 100+ Answers
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If there is any thread by the collection agent you may lodge a criminal complaint against them. If anybody continuously torturing you to pay the outstanding amount, you ask them to take the action through the court of law. Atleast it will take 3 to 6 months to file a case against you to recover the outstanding loan amount. If they file any case to recovery of amount you may seek the one time settlement when proceedings pending.
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Adv. Selvaperumal
Chennai | 100+ Answers
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Hi,
You can approach your banker from whom you availed the credit facility and seek waiver (for repayment) for a period say 6 months citing personal reasons but ensure that you take the banker into confidence by making them understand that you can repay the loan and you have source for the same. There are chances for the banker accepting your plea.
You can approach your banker from whom you availed the credit facility and seek waiver (for repayment) for a period say 6 months citing personal reasons but ensure that you take the banker into confidence by making them understand that you can repay the loan and you have source for the same. There are chances for the banker accepting your plea.
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Adv. Shobhan M P
Chennai | 100+ Answers
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Hi,
The bank can proceed against the guarantor but only if the debtor fails to repay the loan. If there is proof that the bank is proceeding against your wife without taking any steps against the debtor/defaulter, you can approach the Banking ombudsman with all relevant details. Also, you can approach the Consumer Forum and the local police with a complaint against the bank (only if you have ample proof that the bank is intentionally doing to harass your wife).
The bank can proceed against the guarantor but only if the debtor fails to repay the loan. If there is proof that the bank is proceeding against your wife without taking any steps against the debtor/defaulter, you can approach the Banking ombudsman with all relevant details. Also, you can approach the Consumer Forum and the local police with a complaint against the bank (only if you have ample proof that the bank is intentionally doing to harass your wife).
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Adv. Shobhan M P
Chennai | 100+ Answers
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Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
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