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Author Topic: bank Loan Trouble  (Read 827 times)

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Offline abhay1133

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bank Loan Trouble
« on: July 16, 2015, 08:27:49 AM »
My Father took loan from a small bank for about 20,000 . after his death 10 years ago today bank sent us a letter demanding money and interest .
is it even legal to send letter after this much time when now we are in financial trouble? that time we paid almost all business and property loans we had .

Offline kphk

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Re: bank Loan Trouble
« Reply #1 on: July 16, 2015, 09:40:51 AM »
No, the claim is barred by limitation. If the interests were being paid, then three years from the last date of payment. They cannot even proceed under drt or surfaesi act. let them initiate a civil suit, it will be dismissed at the threshold itself. moreover, it was borrowed by your father so you are in no way obligated to repay it.

Offline abhay1133

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Re: bank Loan Trouble
« Reply #2 on: July 16, 2015, 12:20:53 PM »
Thank you sir for your reply. knowing this i will be able to fight more properly .

Offline abhay1133

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Update
« Reply #3 on: July 17, 2015, 05:12:50 AM »
Today i got exact words from the letter , it says ..
 " last amount was paid in 2007 , if you dont pay it in 15 days we will carry out procedure as per 101"
it is co-op bank .
what is this  101 ?

Offline kphk

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Re: bank Loan Trouble
« Reply #4 on: July 17, 2015, 07:04:00 AM »
Do not pay, if the last paid is 2007, then limitation has set in and the claim is time barred. If you pay then you are giving life to it. Do you at least have a copy of the loan agreement with you? Who is the letter addressed to ?

Offline abhay1133

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Re: bank Loan Trouble
« Reply #5 on: July 17, 2015, 07:36:51 AM »
it is addressed on name of my mother . sorry , we dont have loan agreement copy . 

Offline kphk

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Re: bank Loan Trouble
« Reply #6 on: July 17, 2015, 08:31:58 AM »
Type out the entire contents of it, if it is not much of a trouble please.

 

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