Sir, you can file a recovery suit along with interest and damages in the civil court
Recovery of Commission income from BSM of Bank
I am associated with a bank for Home loan. I sourced a balance transfer case with explicit rate of interest of 8.35% a sanction letter was issued with higher rate of Interest on my pointing out the same i was told it would be rectified. The disbursement cheques were made and we went to get the transaction done for transfer but it could not be processed. Later i along with the client came to know that the loan was disbursed at 8.40% instead of 8.35% and that an amount of Rs 116000/ was charged to him towards insurance without any consent of his. basis non compliance of the basic terms of agreement the client cancelled his loan resulting in loss of commission of 64000/- and future business of his and colleagues. i want recovery of 64000 and some damages
Asked 6 years ago in Civil Law
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6 Answers
if loan is cancelled you would not be able to recover commission income and damages
2) you would be wasting your time and money in filing suit for damages
3) suit for damages take 15 years to be disposed of
Hello,
If the loan has been cancelled then it would be difficult for you to recover commission and damages and moreover filing of a suit will take a lot of time and money; just to take a chance you can send a legal notice which might help you.
Regards
Hi, You have to file suit for damages against the Bank for loss of commission. Before filling a suit you have to issue legal notice.
The client has all the rights for cancellation of loan if the hidden costs were intimated to him at a later stage.
Therefore he cannot be held liable for the loss of your commission.
If you work for the commission you should have taken steps to convince the client with proper details of the loan and the connected insurance matters.
You have failed in your duty to inform the client properly about all the hidden agenda in this loan process.
In fact the client has rights to sue yo for not servicing properly if you were engaged by him for this purpose specially when you have not informed him about the change of interest rate as well as the insurance issue.
You should have maintained a liaison with the bank and the client properly so that this mishap could have been avoided.
In my opinion any move by you in this regard in the name of recovery of loss may backfire and you may land in trouble by making to shell out from your pocket, think and act wisely.
1. Since the loan has been cancelled then it would not be possible for you to recover the commission unless there is a clause to the contrary in the agreement. The client had every right to cancel the loan if the charges which were not intimated to him earlier were subsequently charged.
2. Going to court will be futile.
