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procedure to pay off a personal loan
24-Jul-2023 (In Banking / Finance Law)
Sir 4 days before 2 people came to my parent's house and told my father that your daughter taken personal loan from Bank in 2007 amount pending rs.3,61,000 and asking to pay within 2 days. Started using abusing language and telling we will put u in jail if u will not pay. My father is 75 year old ,He had undergone bypass heart surgery last year.is not well not able to speak,They are threatening my parent all the way, Sir i am lady working in private concern and have 2 sons staying alone with parent. I am struggling for me n my children's livelihood as i am not staying with my husband,mutually we have parted our ways. now they came to my office and started harassing to settle within 2 days. I told please give me some time as this loan is 11 year old and i have to talk to legal adviser and arrange supporting documents,but they are not ready to talk to advocate also and abusing in front of every one in my office.they are not providing and statement also.How to proceed legal,
RBI has laid down specific norms for banks and financial institutions for appointment of recovery agents and their conduct. Please ascertain if they really have the bank's authority to deal with you. In any case, their conduct is against all norms. If they continue to harass you, you may lodge a police complaint.
Helpful?
Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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Hi,
You can file a police complaint and moreover there is law of limitation. As per limitation laws, the bank/creditor need to initiate action for recovery within 3 years from the date of last default but as mentioned by you it is 11 year old so they may not able to recover the dues that is the reason they are using unlawful means. You can send a notice to Banking Ombudsman and also can file a police complaint against the officials of the bank for the threat they posed to you and the action of the bank is against the Supreme Court guidelines in this regard.
You can file a police complaint and moreover there is law of limitation. As per limitation laws, the bank/creditor need to initiate action for recovery within 3 years from the date of last default but as mentioned by you it is 11 year old so they may not able to recover the dues that is the reason they are using unlawful means. You can send a notice to Banking Ombudsman and also can file a police complaint against the officials of the bank for the threat they posed to you and the action of the bank is against the Supreme Court guidelines in this regard.
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Adv. Shobhan M P
Chennai | 100+ Answers
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