Hello everyone,
So all this started in 2003 when my uncle had taken a loan from a bank but could not repay it because of some financial crisis although he had 2 fixed deposits with that bank which was adjusted with the liability amount , however there was still some due amount left unpaid with them. My uncle thought they had adjusted the loan liability with his deposits in full settlement so he never looked into the matter again. Since he lived on rent they changed their residence quite a few times in past years not knowing that bank was looking for him to settle the loan . The bank filed a suit against him in 2003 and it came under decree in 2004 . He had never received any communication from bank about it. So 15 -20 days back(FROM TODAY) a personnel from that bank found his residence and told him everything and said that his total liability including the shadow amount is 5 lakh + which is a really big amount for a 65+ aged person to pay . He also told him that the liability will get time barred this year end since there is a time period of 12 years for that.He still lives on rent and can't afford to pay so much and is really worried if they tried to defame him or humiliate him by investigating in the neighbourhood as he holds a good reputation there.
Please guide us what should we do?
What are his rights? What are the powers they can use against him ? Is there any way out?
Further that person has just informed him verbally and no written or legal communication has been provided. Can his legal heirs be held liable in future?
