mere father ne ge financial se 10 saal pehley loan liya tha.GE walo se hamari baat chal rahi thi to reduce princilple amount. jiske wajah se humney EMI deni band kardi.now in between GE Finance sold their business to magma financial and its more than one and half year in this time they contact twice or thrice to pay whole amount. How i can exit from this Please Help me.
Asked in Property Law from Delhi, Delhi
visit heir office for settlement talks . dont sign any document before consulting your lawyer . since loan is NPA finance company may reduce interest component . if finance company does not have any security of yours they would be more flexible in settlement
The only way out is to negotiate with them for reducing the amount of loan. Such a request, if skilfully made, can yield positive results as the finance company may in its wisdom reduce or even waive off the interest. Do not sign any document without getting it vetted from your lawyer as it may result in forfeiture of your legal rights. Act strictly on the instructions of your lawyer.
I think you must show all paper to some lawyer and than take action.
Advocate, New Delhi