Loan Payment
3 years ago
My late grandfather took out a loan on his property at a village co-operative bank. Me being the next of kin and sole heir of the property I agreed to pay off the loan a bit of substantial amount at a time. However, they reject my request of recieving a copy of the loan documents and it's terms and conditions and also refuses to let transfer the due amount onto my grandfather's account which he opened to get the aforementioned loan (on the same bank). Instead they are asking me to transfer it into a Savings Bank account which is supposedly under their name. They are also refusing to provide me with an intimation showing the details of the previous payment and of how much money is owed. Everything is just verbal. Are they allowed to do that?
Thanks in advance for your help
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ADV. ANISH PALKAR (High Court)
You do not have to pay them if they are unwilling to show you how much money is owed. Serve them with legal notice threatening to file a suit against them for fraud.
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Ayantika Mondal @ Prime Legal
Responded 3 years ago
Serve them with legal notice to show you the documents. If you agreed to pay the loan, you have a right to inspect them.
Verbal contracts can be valid, but in this case documentation is essential. You can stop paying if they are unwilling to show you how much money is owed.
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Get issue a legal notice otherwise stop payment EMIs and teach them a lesson. If they go to Court for recovery it will take years together.
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