Illegal change in repayment schedule
Dr C Suresh
(Querist) 03 May 2012
This query is : Resolved
Bank unilaterally changes without consent the loan agreement repayment schedule from 15 years to 10 years and doesnot communicate to borrower the change and subsequently declares borrower as defaulter using the changed repayment schedule. There is no clause in loan agreement permitting them to do such changes.
Does the agreement become null & void because of this illegal change? What protection does borrower get?
ajay sethi
(Expert) 03 May 2012
no alteration is done in payment schedule without consent of borrower . in case borrower is declared a defaulter issue notice to bank that yiou are willing to make payment as per repayment schedule originally laid down
borrower can move court against bank restraining bank from taking coercive measures for recovery of loan and expressing willingness to reapy loan as per original payment schedule
