Not able to pay EMIs recovery agents harassing for payment

I from mumbai living with my parents. my elder brother who not living with us had bank personal loan and he paid emi also but after 2 years he has not paid emi because of his financial situation not good. and he cant pay the outstanding amount, he also dont have job. but. the problem is while he took personal loan from bank he has submitted document like address proof and id proof. in that address proof and id proof he mention my parents home address. now bank and recovery agent of bank harrassing my parents and also they said court now sell your home which is my parents ho

Answers (1)

187 votes

Nowsdays, it is normal in personal loans to depute agents and goons for recovery. However, let me tell you, law strictly prohibits visits and calls by the such recovery agenets and goons. there are various guidelines and jugments from various courts on this issue. Personal loans are always without security and therefore bank has no option but to apply for such methods. Do Not deter by such things and face it with courage. If anyone visits your home or makes any call then approach nearest police station and lodge criminal complaint. Police have to take conginzance of the complaint. Further, let me tell you that the Bank cannot attach or sell the property which is not in name of person who has taken loan. so in your case there is no question of selling property of your parents. In case of defaults in personal loan the Bank should file only case for recovery and seek recovery through courts. there is no other mode available. for safer side you can visit lawyer handling loan recovery cases and also get legal notice issued against the Bank.

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