Salary account debit freeze for guarantee purpose
1 month ago
Salary account debit freeze by SRO of co operative bank.total salary is freeze from last 3 months.how can survive as a guarantor
A.Dear Client,
A Guarantor bears equal responsibility for repaying the principal borrower's debt. If all attempts to recover the debt from the borrower prove unsuccessful, the Bank can pursue recovery from the Guarantor, seizing the security offered by them. Even in the absence of a Guarantor, their surviving legal heirs can be held liable to settle the debt using inherited assets. While a Guarantor can request additional time to settle dues, they cannot evade their repayment liability under any circumstances. Legal actions, including civil suits or criminal proceedings, may be initiated against a Guarantor. Debt recovery tribunals can also be employed to attach the Guarantor's property for recovering owed dues from the defaulting borrower.
In the current scenario, it's possible that the cooperative bank filed a recovery suit before the Debt Recovery Tribunal (DRT) to attach the guarantor's salary. A stay order may have been obtained, preventing salary disbursement until the case is resolved with an attachment order. Legal remedies seem limited based on the available information, but seeking advice from a certified credit counselor could offer insights and help navigate the situation amicably.
A Guarantor bears equal responsibility for repaying the principal borrower's debt. If all attempts to recover the debt from the borrower prove unsuccessful, the Bank can pursue recovery from the Guarantor, seizing the security offered by them. Even in the absence of a Guarantor, their surviving legal heirs can be held liable to settle the debt using inherited assets. While a Guarantor can request additional time to settle dues, they cannot evade their repayment liability under any circumstances. Legal actions, including civil suits or criminal proceedings, may be initiated against a Guarantor. Debt recovery tribunals can also be employed to attach the Guarantor's property for recovering owed dues from the defaulting borrower.
In the current scenario, it's possible that the cooperative bank filed a recovery suit before the Debt Recovery Tribunal (DRT) to attach the guarantor's salary. A stay order may have been obtained, preventing salary disbursement until the case is resolved with an attachment order. Legal remedies seem limited based on the available information, but seeking advice from a certified credit counselor could offer insights and help navigate the situation amicably.
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A.Dear Client,
A Guarantor is equally liable for repayment of the debt of the principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes steps for recovery of debts from the Guarantor attaching the security offered by the guarantor against the loan. Even in the absence of a Guarnator his or her surviving legal heirs are held liable to write off the debt from the asset or property they inherited from the deceased guarantor. Being 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 loans for any reason whatsoever. Moreover, legal actions may also be taken against a guarantor including filing a civil suit in court or initiating criminal proceedings against him. The banks may also make use of debt recovery tribunals to recover the dues they are owed from the defaulter borrower by attaching the guarantor's property. . In the given situation, the lender cooperative Bank might have filed a recovery suit before the Debt Recovery Tribunal(DRT) seeking attachment of the guarantor's salary and obtained a stay order over the disbursement of salary until the case is disposed of with an order of attachment and accordingly the lenders served the notice to the employer to withhold the disbursement of salary to the guarantor employee. So, no legal remedy or relief is feasible for you on the face of the record even through litigation. However, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to navigate the crisis amicably.
A Guarantor is equally liable for repayment of the debt of the principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes steps for recovery of debts from the Guarantor attaching the security offered by the guarantor against the loan. Even in the absence of a Guarnator his or her surviving legal heirs are held liable to write off the debt from the asset or property they inherited from the deceased guarantor. Being 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 loans for any reason whatsoever. Moreover, legal actions may also be taken against a guarantor including filing a civil suit in court or initiating criminal proceedings against him. The banks may also make use of debt recovery tribunals to recover the dues they are owed from the defaulter borrower by attaching the guarantor's property. . In the given situation, the lender cooperative Bank might have filed a recovery suit before the Debt Recovery Tribunal(DRT) seeking attachment of the guarantor's salary and obtained a stay order over the disbursement of salary until the case is disposed of with an order of attachment and accordingly the lenders served the notice to the employer to withhold the disbursement of salary to the guarantor employee. So, no legal remedy or relief is feasible for you on the face of the record even through litigation. However, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to navigate the crisis amicably.
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