Sunil Nagmal (PROP) 28 October 2014

Loan from pathpedi bank

HI All,

My Self Sunil residing at Goregaon West, Mumbai. My Friend had taken loan of 5 Lacs from Pathpedi. He had provided his House Documents without his parent and brothers consent as Security to Pathpedi. Me a Corprate Employee and Other 2 Govt. Employee are guarantor on his loan.

Pathpedi is sending us letter for recovery every now and then. They had event sent a letter for recovery of houehold materials if amount is not paid with the police protection.

And Pathpedi is also sending letter to my friends house but he had left the house and his parents and brothers are residing there. But Pathpedi is not taking any action even after having the Original House Documents with them.

Salary deduction is already going on with the 2 Govt. Employees.

Kindly suggest what can be done.

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4 Replies

Sudhir Kumar, Advocate (Advocate) 28 October 2014

so you stood as guarantor of a person who is not being trusted by his family. No pay his debt

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Sunil Nagmal (PROP) 28 October 2014

Yes Sir,

He was a good friend of mine and was also a good person at times, but wrong friend circles got him bad. And now we are in trouble.

Sudhir Kumar, Advocate (Advocate) 28 October 2014

You can be happy with the thought that he was good friend

You can also tell yourself that he was a good person

You can say that he was in bad circle.

But as per facts given by you :-

(i) He was not able to trust his father and brother to allow him raise the loan.

(ii) In all probability he was not creditworthy that his father brother may be his guarantor.

(iii) His so called company did not help him by becoming a giarantor

(iv) after becoming guarantor he is not traceable.

It is not understood that why loan could not be realised from property. Either the mortgage is not legally good or the bank does not want to enter into hassle when easy volunteers, like you three are available to them.