Son is liable to pay the father's business loan if he died
Querist :
Anonymous
(Querist) 16 March 2018
This query is : Resolved
My father passed away on 4 years back. He has taken Rs. 2 lakhs of business loan from one of the nationalised bank (IOB) at 2013. After one year he was expired. For this loan my father's friend was signed as guarantor.
The bank has debited 20,000+ from my fathers saving account, once his death news heared. After that they approached me and my father's friend for settled the remaining amount. But both are very bad situation at that time, so we are leave it. Last year bank sent advocate notice to my father (old address) and his friend but i do not aware it because am searching job. Now they sent Lok Adalat summon to both. my father's friend called me and appear on court for lok adalat. But on that my mother was not well so i didn't go, he only went and appear on court and submit death certificate my father. After this he called me and told the judge could not accept my words he told the blood relation should be appear otherwise we have to appeal suit his blood relation or appeal a search warrant against them. I don't know his friend telling truth or lie. Now he also threatening us and asked to appear on next heiring.
What action the bank will do further? What i will do next? Few months back only i got job with less salary and my mother also not well. Please help me.
Current loan balance with interest Rs: 1,40,000+
Loan Taken year is 2013
kavksatyanarayana
(Expert) 16 March 2018
If a borrower died then a bank authorities who sanctioned loan will recover the loan from the Guarantor and the legal heirs of the borrower. if they do not repay the balance amount, then necessary action will be taken against the guarantor and legal heirs of the deceased as per terms and conditions mentioned in the bond.
R.Ramachandran
(Expert) 17 March 2018
Did your father leave any property?
Querist :
Anonymous
(Querist) 18 March 2018
No sir. There is no property on his name but there is one house on his mother name other than nothing is there.
Guest
(Expert) 18 March 2018
So, as a legal heir, you would prefer to inherit share of the property out of his mother's property, besides the business of your father, but don't want to repay his business loan and wish the guarantor to pay on your behalf from his pocket to make you enjoy the inherited wealth?
The lending bank can recover even a single penny of your father's loan from you. If the bank starts taking initiative of recovery from you that may prove to be much costly to you than the present dues you should pay. The guarantor has already shown the way to the bank. It may be for your own betterment to settle the issue with the bank before that becomes a problem for you.
Dr J C Vashista
(Expert) 18 March 2018
If you are seeking obligation of experts FREE OF COST you will have to disclose your identity as per rules of this platform, no reply for an anonymous author, otherwise consult a local lawyer.
Querist :
Anonymous
(Querist) 19 March 2018
@Jigyasu: I wouldn�t prefer to inherit her property. Already it has many problems to inherit us.That will not make me an enjoyable. Living peaceful with father would be make us enjoyable life, for me my father was gone so, how i can enjoy my life. At the same time I don�t think i am not going to reply the loan and I don�t wish the guarantor to pay on his pocket. I am just asking how solve this problem because we don�t have much money for repay the loan. We are in very bad situation. How to handle this issue with bank. Sorry to all if i asked anything wrong.
@Dr.JC vashista: There is no option to uncheck the anonymous author while reply. I am N.Alagappan from Chennai
Querist :
Anonymous
(Querist) 19 March 2018
Please give the solution how to approach the bank along with settle the loan as less amount.
Thanks in advance.
Guest
(Expert) 19 June 2018
You may or may not approach the bank, the authorities of bank would definitely lay hands on the guarantor and the heirs of the deceased to get their money realised, even legally, if not on pursuance. On the other hand, if the amount is realised from the guarantor, that fellow would also be able to recover his money from you. You cannot escape from your liability.
So, better go for settlement deal directly with the bank, so that you may get some relief out of the huge burden of interest, may be by for principal amount also, at the discretion of the bank.
Guest
(Expert) 19 June 2018
You may or may not approach the bank, the authorities of bank would definitely lay hands on the guarantor and the heirs of the deceased to get their money realised, even legally, if not on pursuance. On the other hand, if the amount is realised from the guarantor, that fellow would also be able to recover his money from you. You cannot escape from your liability.
So, better go for settlement deal directly with the bank, so that you may get some relief out of the huge burden of interest, may be by for principal amount also, at the discretion of the bank.
Guest
(Expert) 19 June 2018
You may or may not approach the bank, the authorities of bank would definitely lay hands on the guarantor and the heirs of the deceased to get their money realised, even legally, if not on pursuance. On the other hand, if the amount is realised from the guarantor, that fellow would also be able to recover his money from you. You cannot escape from your liability.
Guest
(Expert) 23 June 2018
The status of anonymous query has not changed to a fresh anonymous query after you first declined to reply on 19 June 2018. So, where is the relevance and logic of stating again today after 3 days that you won't reply on anonymous query?
