Joint loan want to separate
poornakkumar p
(Querist) 09 June 2016
This query is : Resolved
Hi,
I and my friend brought joint loan of Rs 500000.00 in Indian bank. We shared amount 250000 each. Now we fight with each other. I am paying 10000 per month. but friend didnot paying his share. I have asked in bank. They told 450000 want to pay. Please suggest any procedure to separate the joint Loan into their loan. If I am paying 10,000. This amount will go only for interest. Please do needful.
Thanks,
Poornakkumar P
R.K Nanda
(Expert) 09 June 2016
Request bank officials.
R.K Nanda
(Expert) 09 June 2016
Request bank officials.
r.sathyanarayanan
(Expert) 10 June 2016
According to me for the said loan,you and your friend are jointly and severally liable.you can not separate it.Enter in to an loan agreement with your friend where in he can ack receipt of 50% of bank loan.
If he can not pay the bank with you ,he can enter in to another loan agreement with you and issue a promissory note,pdc in your favour.
Rajendra K Goyal
(Expert) 10 June 2016
Liability is jointly and severally. You are liable to pay full amount if your friend does not pay. Loan can not be separated.
Try to have amicable settlement with your friend.
Kumar Doab
(Expert) 10 June 2016
You can benefit from the advise of experts.
RAVI K GOUD
(Expert) 11 June 2016
You can follow the advise of the experts.
But what for joint loan is taken. Is there any agenda between your friend and you to take joint loan. This query is put just to help you out if any positive point come across.
