Legal heir
mahesh
(Querist) 14 April 2012
This query is : Resolved
sir
my father had availed a personal loan in november 2007 from some private bank who lend money with heavy intrest in his bad times after some giving three installments unfortunately he expired and we tried to fill the installments after his death but as we were in severe loss and already my father had lost every thing including our own house we were on streets we couldn't fill the remaining loan amount and told the bank to settle the loan by law we are not in a condition to fill the amount, as on 2008 may.
now 10th april 2012 the bank as issued a notice as a legal heir for recovery of pending amount of Rs 2lacs with intrest by giving notice through Arbitrator and concillation act1996.
wat steps can be taken as per law?
Devajyoti Barman
(Expert) 14 April 2012
You being the legal heirs are not liable for repayment if the loan was unsecured.
Shonee Kapoor
(Expert) 14 April 2012
Agreed with Ld. Barman.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
prabhakar singh
(Expert) 15 April 2012
Firstly ,the debt seems to have gone time barred as such loans can be realized with in three years from the date of last part payment ,that too if payment was made within limitation time.I hope you have not singed any acknowledgement with promise to pay in favor of bank after you last time requested the bank to proceed legally in 2008.And since then more than three years have already passed. So do not reply to the Bank's notice or if you choose to reply then deny your liability to pay clearly and also that the loan is time barred and your father is dead.
None of you as heirs are bound to pay the loan taken by your father.The loan, if not already time barred, can be realized only from the self acquired properties,if any ,of your father or from only his share in ancestral properties coming from your grand father.
Raj Kumar Makkad
(Expert) 15 April 2012
You are not liable to pay even a single penny to the bank. Ignore the notice and wait for the case to be filed by bank.
