Non repayment of installments
Daksh Madhok
(Querist) 05 June 2014
This query is : Resolved
Dear sir, we have been unable to pay our loan against property installments for the past 3 months due to business problems. we have assured the bank that we'll pay the entire due amount in July and there wont a\be any further more delays ever. but the bank is continously harrasing us, going to our house and scaring the ladies in the house. what legal step can they take? we have given them in writing that their entire due payment shall be cleared in july
Sankaranarayanan
(Expert) 05 June 2014
Prime most duty of borrower is repay the loan liability as per the terms of agreement. if failing which you have to face legal consequence from the bank. . Explain the reason with bank authority and pay the due . Mostly the reputed bank staff would not involved in such activities. if they did then you just write a letter to the higher authority to stop such way of approach. Even after any such way of approach then file a complaint with the police .
Daksh Madhok
(Querist) 05 June 2014
we have already explained to the bank and given them in writing that we shall pay the entire due payment in july. still they are continously harrassing us
Sankaranarayanan
(Expert) 05 June 2014
Then Lodge a complaint with the local police station
Rajendra K Goyal
(Expert) 05 June 2014
A loan account become NPA if interest / installment due is not served, the Bank staff does not want this situation as this effects their efficiency and annual report.
You should arrange for some amount of default and talk with the Bank staff.
Undue pressure specifically on the ladies of house is unwarranted and RBI guidelines exist against such of recovery agents. You should complaint to higher officers of the Bank and to police in case of need. Record conversation of recovery agents for proof.
Raj Kumar Makkad
(Expert) 06 June 2014
I do agree with the advice of expet Rajender K. Goyal.
