Personal loan
sharvani vishwas jadhav
(Querist) 13 August 2013
This query is : Resolved
I have an query about personal loan repayment.My friend has borrowed Rs.50000/- from a bank in 2008 having installments of Rs.2068/- for 36 months.He can manage to pay upto 13 installments.But due to losing the job he can not pay further installments.After this in 2011 bank has filed cheque bouncing case for rs.7000/- which he had paid to the bank also after that a sum of Rs.4500/- has been directly withdrawn by bank without any intimation.Now my friend wants to close the loan but bank by threatening to lodge court case demanding more amount.Can bank file legal suit in case of personal loan and how can we prove our intention to repay the loan in the court?
Devajyoti Barman
(Expert) 13 August 2013
The bank can not proceed on personal loan unless any cheque is lying with them.
If your ' friend' is ready to settle the account then ask him to send detailed letter.
If after that the Bank still refuses to settle it then he can file case in the consumer forum.
prabhakar singh
(Expert) 13 August 2013
If your friend is a debtor of the bank,bank have every right to file a civil suit of recovery,whether or not bank has any cheque from your friend.
To prove genuineness your friend should write a letter of compromise with bank explaining entire circumstances and offering amount your friend is ready to pay in full and final satisfaction of the debt due.
adv. rajeev ( rajoo )
(Expert) 13 August 2013
If he is intended to repay the loan he can go for one time settlement.
