loan not paid
ta
(Querist) 22 December 2015
This query is : Resolved
My father became granter in an education loan in2007 now she completed her course n she did not pay loan n her father retired frm govt job who also signed the loan as first nominee nw we r getting cl frm bnk wat wuld i do suggest me
Advocate Bhartesh goyal
(Expert) 23 December 2015
Both borrower and guarantor are jointly and severally liable to repay the loan amount.ask your father to convey the Bank ,to recover the loan amount firstly from borrower's father who is first guarantor.
H.M.Patnaik
(Expert) 23 December 2015
I am also of the same opinion. Besides, ask your father to collect residential/employment details of the person who was given Education loan for handing over the info. to the bank to move recovery proceeding.
Rajendra K Goyal
(Expert) 23 December 2015
Do not use SMS language.
In which capacity her father signed loan document whether as co-borrower or as guarantor? If he also signed as guarantor, what was need of two guarantors when her father was a government employ and his guarantee must be enough?
As a guarantor your father can not escape from the liability.
Her father may have parked his terminal dues in some Bank account, you should collect the information and ask the Bank to attach the same, if case is pending with the court.
Dr J C Vashista
(Expert) 25 December 2015
@ t a,
I feel sorry for your language. You are concerned about your father or the borrower? Both of them (principal borrower as well as guarentor) are jointly and severally liable to repay the outstanding loan with interest and penalty, if any. I fully agree with expert's advise.
However, reveal your identity to get FREE advise in terms of rules of this platform. No reply for an anonymous author.
Contact and consult your lawyer.
K.S.Srinivas
(Expert) 26 December 2015
I go with the advice given by all the experts.
T. Kalaiselvan, Advocate
(Expert) 01 January 2016
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