Personal loan defaulter
Mrs. Sharma
(Querist) 03 May 2013
This query is : Resolved
i took a loan personal loan of 5 lacs ( i was not eligible for this much loan but with recommendation coz of my credit history i got) in apr 2008 ...till 2008 nov i paid the installments. after that i was not able to manage my expenses with my salary. so i was suggested to get the loan rewritten with less rate of interest.in next 2-3 months while i was contemplating a solution i lost my job in march 2009. Since then i have not paid anything or have had any interaction with the bank. I left my place of living also coz of recovery agents bothering me. And since then i have not had any stable job to pay the installments or to make full and final payment. And now I am not in India and even now my financial situation is 0 i am not working currently and plus i have some health issues because of which i cannot work for at least two more yrs. Kindly suggest me what should be my course of action as recovery agents are chasing me with renewed energy.
1. if i take help of a lawyer how much maximum rebate i will get on the full n final payment?
2. What will be the next step of the bank now ?
3. Can they still file a criminal suit against me for cheque bounces that happened three yrs ago ?
4. If bank filed a case earlier three yrs ago but i did not get any legal notice as i was not staying at the same place, what would be happen to that case then ?
Deepak Nair
(Expert) 03 May 2013
My answers are as under:
1. Only the financier can decide.
2. Bank can initiate recovery procedures by filing suit. They can also attach your properties (if any) with court order.
3. No criminal action can be taken on cheque bounced before 3 years.
ajay sethi
(Expert) 03 May 2013
you have failed to pay any instalments since 2008 . claim of bank would be barred by limitation unless you have acknowledged your liability to make payment . in case of settlement you may be liable to make payment of around 50%of loan amount with accrued interest . since bank does not have any security bank will try to arrive at an settlement .
Mrs. Sharma
(Querist) 03 May 2013
One more question i have:
If bank filed a case earlier three yrs ago but i did not get any legal notice as i was not staying at the same place, what would be happen to that case then ?
Raj Kumar Makkad
(Expert) 03 May 2013
Case might have been proceeded ex-parte against you so better to move an application in that case if is pending or if decreed, then also move an application to set-aside ex-parte decree/order as the case may be. If your reasons are convincing, the court can restore the suit for filing your written statement.
Deepak Nair
(Expert) 04 May 2013
If the bank had initiated criminal case, a non-baillable warrant or proclamation will be pending against you. It is also possible that the case may be kept as Dormant File, which the court can re-open when your whereabouts are traced.
