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Took loan from bank but missed one EMI now bank harassing
03-Nov-2023 (In Consumer Court Law)
Hi, I have a personal loan that I have been paying since 4 yrs. I missed 1 payment last month and the bank started calling my friends about the pending payments. Moreover it also charged the emi from my another joint account in the same bank. I never authorised them to charge it through that account, they force fully charged it. All this for missing one payment. 1) Is it legal to charge an unauthorised account? 2) is it legal to call my friends for just 1 payment missed?
Dear Sir/Madam,
The Bank cannot deduct payment from your other account subject to the terms and conditions entered between you and the bank. It appears from your query that your friends are guarantors to your loan and that is the reason why the bank have started giving them notice for payment, if they are actually the guarantor the bank can follow them up and seek payments from them in law. You write and address a letter to the bank stating that you have made regular payments and deduction of instalment from your other bank account is unlawful. Since the instalment is already deducted the bank should desist from sending reminders and follow ups to your friends.
The Bank cannot deduct payment from your other account subject to the terms and conditions entered between you and the bank. It appears from your query that your friends are guarantors to your loan and that is the reason why the bank have started giving them notice for payment, if they are actually the guarantor the bank can follow them up and seek payments from them in law. You write and address a letter to the bank stating that you have made regular payments and deduction of instalment from your other bank account is unlawful. Since the instalment is already deducted the bank should desist from sending reminders and follow ups to your friends.
Helpful?
15+
15+
Adv. Mohammed Zain Khan
Mumbai | 100+ Answers
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Dear Sir/Madam,
In general Bank can't charge more EMI without your consent form another account but it's depend upon clauses whichever signed by you in loan agreement, but these types of recovery are illegal according to Debt recovery laws.
You can take legal action against bank in Consumer court & claim all damages.
For details contact me as earliest as possible.
Thanks
In general Bank can't charge more EMI without your consent form another account but it's depend upon clauses whichever signed by you in loan agreement, but these types of recovery are illegal according to Debt recovery laws.
You can take legal action against bank in Consumer court & claim all damages.
For details contact me as earliest as possible.
Thanks
Helpful?
16+
16+
Adv. Mayur Sarode
Nashik | 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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