Notice from Recovery agent for loan balance after 10 years
09-Sep-2023 (In Recovery Law)
I had taken a loan of Rs 50000 in 2004 of which majority was paid and in 2006 settlement was made for Rs 10000 and cheque sent. Now the recovery agents fo the bank have recently sent (Sep 2016) a legal notice mentioning an amount of Rs 5L as recovery due at my permanent address in hometown. It is tough for me to dig out any records as the accounts is also closed and I do not have any old records available. There is no record of this loan so far in my CIBIL file also. Am I bound to pay this amount now. What are the remedies available to me.
You may seek a legal reply to the legal notice, as it is a time barred debt it cannot be recovered from court of law. there is a 3 year limitation period to recover debt from a person. And if the Bank is harrasing you, you may take legal action against the Bank
To your first question, the answer is "NO". You don't have to pay even a penny. As you have mentioned that you had already settled the loan, so it clearly means that there are no further dues pending against you.
To your second question, the answer is that as of now, you simply need to send them a reply to their legal notice through your lawyer since their act of sending you the legal notice for recovery despite settlement. Their act is apparently malafide with ulterior objectives.
To your second question, the answer is that as of now, you simply need to send them a reply to their legal notice through your lawyer since their act of sending you the legal notice for recovery despite settlement. Their act is apparently malafide with ulterior objectives.
If you have cleared the due amount have you taken no due certificate from the bank? If not then they might have shown some amount as due and might be charging interest upon interest. it is not possible to advise you properly without seeing the legal notice and a/c statement. If possible you can come to my office with the relevant documents.
You have not mentioned as to whether the settlement between you and the bank was in black and white or otherwise. If it was in black and white then this paper would be a very good piece of evidence in your defence. You may seek help if you so desire.
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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