lawyer notice received from nbfc
8 months ago
Hello as a guarenteer of personal loan for loan taken on year may 2008 by borrowing person for loan tenure of 24 months i have received notice 10 days back is it legal. Please note that the borrower repaid all his dues by post paid cheques in time more over i am not sure that i am guaranteed person. What is the best way to dto deal this
A.Dear Client,
Verify Your Guarantee Status: Carefully review any documents or agreements you might have signed as a guarantor for the loan. If you are unsure whether you acted as a guarantor, you can request the lender to provide you with the relevant documentation.
Respond to the Notice: If you are indeed a guarantor, it's crucial to respond to the notice within the specified timeframe. Ignoring the notice could lead to adverse consequences.
Check the Limitation Period: The lender has a limited time to initiate legal action against the guarantor. In India, the limitation period for initiating legal action on a contract is typically three years from the date of the borrower's default on the loan.
Check for Loan Repayment Proof: If the borrower has repaid all dues on time and you can provide evidence of this, it might help support your case as a guarantor.
Thank You
Verify Your Guarantee Status: Carefully review any documents or agreements you might have signed as a guarantor for the loan. If you are unsure whether you acted as a guarantor, you can request the lender to provide you with the relevant documentation.
Respond to the Notice: If you are indeed a guarantor, it's crucial to respond to the notice within the specified timeframe. Ignoring the notice could lead to adverse consequences.
Check the Limitation Period: The lender has a limited time to initiate legal action against the guarantor. In India, the limitation period for initiating legal action on a contract is typically three years from the date of the borrower's default on the loan.
Check for Loan Repayment Proof: If the borrower has repaid all dues on time and you can provide evidence of this, it might help support your case as a guarantor.
Thank You
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Anonymous
Replied 8 months ago
Thanking you for your response sir
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