Debt recovery issue
6 months ago
My husband took 20 lakhs personal loan and also car loan both on my name. I transferred personal loan amount to my husband's a/c via netbanking. Now he refused to pay EMI of personal loan but wants to pay only Car loan EMI since he wants car. Today my advocate adviced me to let my husband pay EMI for car and let him take the car as well and also adviced me to switch off my phone to avoid debt collection calls for personal loan taken on my name and told me to file only maintainance case on my husband. I feel it's not correct. Please somebody advice and help to get my loan amount from my husband.
A.Dear Client,
If the personal loan was taken in your name, you are legally responsible for repaying it according to the terms of the loan agreement, regardless of whether you transferred the funds to your husband's account. If your husband refuses to pay the EMI, it may ultimately affect your credit score and financial standing. You can file a civil suit against him for the recovery of the personal loan amount if he refuses to pay. Be aware that non-payment of EMIs on loans in your name can negatively impact your credit score. If you are unable to make the payments, it's important to communicate with the respective lenders to explore options for loan restructuring or repayment plans to avoid further damage to your credit.
If the personal loan was taken in your name, you are legally responsible for repaying it according to the terms of the loan agreement, regardless of whether you transferred the funds to your husband's account. If your husband refuses to pay the EMI, it may ultimately affect your credit score and financial standing. You can file a civil suit against him for the recovery of the personal loan amount if he refuses to pay. Be aware that non-payment of EMIs on loans in your name can negatively impact your credit score. If you are unable to make the payments, it's important to communicate with the respective lenders to explore options for loan restructuring or repayment plans to avoid further damage to your credit.
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A.Dear Client,
When you are availing a loan from the Bank to meet the purpose of another person, you need to make that party a co-applicant to the said loan to make him or her equally accountable for default. Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. The bank can initiate both civil and criminal suits for recovery of loan from the Borrower. You may negotiate or settle your dues against bank loans by following steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests customers make to lender Bank, creating a repayment plan, and looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, write a loan settlement letter to the concerned Bank stating why you cannot repay your loan dues. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path forward to resolve the crisis.
When you are availing a loan from the Bank to meet the purpose of another person, you need to make that party a co-applicant to the said loan to make him or her equally accountable for default. Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, they started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loan for any reason whatsoever. The bank can initiate both civil and criminal suits for recovery of loan from the Borrower. You may negotiate or settle your dues against bank loans by following steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests customers make to lender Bank, creating a repayment plan, and looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, write a loan settlement letter to the concerned Bank stating why you cannot repay your loan dues. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path forward to resolve the crisis.
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