Rakeshh Gawale 24 July 2024

Recovery suit

My father was a guarantor for a loan of a person. He passed away in 2018. The borrower did not pay the EMIs and shifted to Uttar Pradesh. The bank recovered the money from the us (legal heirs of my father). Amount 4 lakhs.

The loan was taken in Maharashtra and the borrower has shifted to Uttar Pradesh.

How can I recover the money from the borrower?

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Dr. J C Vashista (Advocate ) 25 July 2024

Yes, you should file a suit for recovery from principal borrower.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 25 July 2024

A guarantor can recover money from a borrower by taking the following steps: 1. _Send a demand letter_: Write a letter to the borrower demanding repayment of the loan amount. 2. _Negotiate a settlement_: Try to negotiate a settlement or payment plan with the borrower. 3. _File a lawsuit_: If negotiations fail, file a lawsuit against the borrower to recover the amount. 4. _Obtain a court judgment_: If the court rules in your favor, obtain a judgment against the borrower. 5. _Execute the judgment_: Use legal means to execute the judgment, such as: - Attachment of salary or wages - Seizure of assets or property - Garnishment of bank accounts 6. _Send a legal notice_: Send a legal notice to the borrower, stating the amount due and the consequences of non-payment. 7. _Engage a collection agency_: Consider hiring a collection agency to recover the debt. 8. _Mediation or arbitration_: Explore alternative dispute resolution methods like mediation or arbitration. 9. _Check local laws_: Familiarize yourself with local laws and regulations regarding debt recovery. 10. _Seek legal advice_: Consult a lawyer to ensure you're following the correct procedures. Remember to keep detailed records of all correspondence and transactions related to the loan and recovery process.

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Rakeshh Gawale 25 July 2024

Thank you very much sir

T. Kalaiselvan, Advocate (Advocate) 25 July 2024

The legal heirs can file a suit for recovery of the money paid by them as guarantors to the loan availed by the borrower follwing the procedures of law

Rakeshh Gawale 25 July 2024

Thank you Sir! Can you help me with a specific procedure of law to refer in this case.

S.JEEVAGAN, Madurai. (Advocate, High court ) 26 July 2024

If it is convenient to you, you can file a suit for recovery of money against the original borrower in the court of law which has got jurisdiction over the place where he received the loan for which your father stood as guarantor.

Dr. J C Vashista (Advocate ) 26 July 2024

Seek professional services of a local prudent lawyer.

Recovery suit

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