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Father guarantor in loan of 1 lac father died now bank asking 1 crore
30-Jan-2023 (In Recovery Law)
long back my father was gurantor in a vehicle loan. my father was nomore ,he died 20 years back. borrorowor is alive. loan was 1 lac . vehicle on which this laon is taken is not with the financial insituttiion. noiw the case they are asking us the amount neae one cr. in the meanwhile in the year 2003 both the brrorwor and the fincial intuition make an agreement without our knowledge argreeupon to 5 lac . under ots scheme. pla tell me the safeguard. wheather I go to the court for relief . one more question how much the interest ratio one institute chare on actual lending money.
The best course of action for you would be to approach the courts for justice. You may need to have the relevant contractual documents cancelled or have a settlement arrived at before the court. Exorbitant interest rates could be challenged before a court of law under certain circumstances. The exact details of your case will need to be examined before a precise answer to your query can be given. However, if negotiating with the parties is unsuccessful, you would have no option but to approach the courts. Feel free to get in touch with the LawRato team for further assistance.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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