Loan Recovery Harassment
Devendra
(Querist) 02 December 2010
This query is : Resolved
Hi, my father had taken a loan for 1.5lacs from a local patpedhi bank. The owner of the bank was a friend of his and asked my father for a decoration job to be done for an opening of a new branch for which he said that in return of the job which estimated around 2lacs he would waive off the loan and my father did the same. My father then passed away after a few years in 2003. Now for the last couple of years the bank recovery agents have started to send notices sayng tht we owe them money and are asking us to pay up which they say has reached 4.5lacs or else they would seal our house which after my fathers death has to been transferred to my mothers name, also the owner of the bank refuses to talk to us now and also the bank wont show us the loan documents as we dont have any. I would appreciate if you could advise what should we do about it.
Devajyoti Barman
(Expert) 02 December 2010
First check whether there was any loan agreement or not. If yes then unless the loan was a secured one , the bank can not attach your property. IIf the bank nis sending any notice then you can file a suit challengng the loan amount on the ground of your father's service to the bank.
Devendra
(Querist) 03 December 2010
Thanks for the reply. However the problem here is that the services provided by my father were not documented as the banker and my father were friends. Also to bring it to your notice that the guarantor for the loan here is the owner of the bank itself and maybe thats the reason they were quite for all these years. As far as the loan agreement goes we are already thinking of getting a copy of it but are not sure if they would provide it. Also a few months back the recovery agent came home asking us to give a written promise that we would come and meet them at their office but when i read the letter it stated that we are aware of the loan and are agreeing to take responsibility for the same, we did not sign it as I simply rejected giving that statement. They have been trying to convince us in transferring the loan on my brother's name and I think the reason for the same is that they want to trap us into repaying the loan which we are not supposed to be paying so I would appreciate if you experts can tell me about some legal way of tackling the situation. Thanks.
malipeddi jaggarao
(Expert) 03 December 2010
It is not clear - you are referring owner of the bank. That means owner of the premises of Bank or it is his own bank.
second point is - they are threatening to seal the house. But where are the documents of the house. Whether they are with the Bank or with your mother.
If you give this information, I can throw some more light on the querry
Devendra
(Querist) 05 December 2010
Owner of the bank means the chairman of the bank, its a pathpedhi bank which he started abt a decade ago. Secondly our house is on a pagdi system, we pay rent for the house to the landlord and the receipts are in her name. Also about giving the documents the only thng that was given to them was the rent receipt and ration card and at that time the receipt were in our fathers name. Thats so be the info you needed, Thanks for the reply. Hoping to read from you soon.
Devendra
(Querist) 08 December 2010
Thnxs for the reply Mr. Ahmed. But the actual question I have is still not answered. Is the bank allowed to seize property which is rented on pagdi system and also is not in the name of the borrower as the rent is now paid under my mother's name? Also is there a possible legal way to stop the bank from threatening us?
