• Personal loan

Myself Shammshuddin.I am INDIAN MUSLIM from Hyderabad. I am a software employee. I am a victim of online trading app which is a scam. I lost almost 57 Lakhs of rupees. all these amount i took PERSONAL LOAN from different BANKS and LOAN apps. Regarding the loss i filed a complaint in CYBER CRIME.

1) I am a fixed salary employee and i don't have any other source of income and i have 3 children among them 2 are infants. My whole salary is not sufficient to pay all the EMI's. How to overcome with this.

2) My wife has a property on her name which was gifted by her LATE father, will BANKS have the right to cease her property and GOLD ornaments if any.

3) How to respond to the bank representatives if the visit to my home regularly for repayment.
Asked 12 days ago in Civil Law

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7 Answers

Bank has no rights on property standing in wife name 

 

2) it will not be attached and sold by bank 

 

3) inform the bank that you want to reschedule the loan as you are unable to pay EMI and have 3 children and wife to support 

 

 

Ajay Sethi
Advocate, Mumbai
94965 Answers
7576 Consultations

5.0 on 5.0

- As per the RBI, the bank should give proper time and offers for the settlement of loan amount.,  on the ground of health and sudden loss.

- Hence, you can approach the bank after narrating your position and ask for rebate in the interest  

- If, the bank is not agreed to give time, then don’t worry and let them to start legal action against you.

- Firstly, the bank will issue demand notice prior to take legal action from the court. You can reply the same after narrating the whole story of bad financial position.

- Even, if the bank filed a case before the Court, you will have much time to repay the said loan amount and to settle the matter according his present situation.

- Further, if the bank official/people are harassing, then you can lodge a complaint at the police station for harassing & threatening , as law not permits anybody to take the law in his hand. If police refuse, then he can approach the magistrate for the same.

- Further, as the said property is in the name of your wife and the same she got from her father , then the bank will not attach that property and her other assets , conditionally she should not be a guarantor in the said loans taken by you. 

 

You can contact me through this website , if further suggestion need. 

Mohammed Shahzad
Advocate, Delhi
13377 Answers
199 Consultations

5.0 on 5.0

Dear client, you have to pay the said personal loan. But there are some remedies to handle this issue. You can talk with the bank officials and get a moratorium and can take One Time Settlement showing that you can't pay the total amount. Another thing is that you can file insolvency petition and deal with it under bankruptcy proceedings.

If your wife is a nominee to the loan then the bank can seize the property. 

Anik Miu
Advocate, Bangalore
9028 Answers
110 Consultations

4.7 on 5.0

They can only claim money from you and not your wife property. You can claim bankruptcy 

Prashant Nayak
Advocate, Mumbai
32093 Answers
183 Consultations

4.1 on 5.0

You are another victim of fraudulent apps.

You have been beautifully trapped to the loss of a heavy amount without you becoming aware of such big fraud happening around you. 

The bankers or lenders cannot seize or attach the properties belonging to your wife or any other close relatives.

If the bank collection agents visit your home, you can politely inform them that you are not in a position to repay the entire amount at once, hence you would like the banks to restructure the loan to arable you to repay them at convenience if not let them approach court with a suit for recovery where you can seek time for settlement of the same at easy installments.

If they still act or behave rudely and and indulge in any illegal acts, you can make a complaint against them with the local police and seek protection

T Kalaiselvan
Advocate, Vellore
85166 Answers
2222 Consultations

5.0 on 5.0

1. When you have taken loan the duty or obligation to pay this of is solely upon you.

2. No

3. Talk to them politely to buy time. 

Devajyoti Barman
Advocate, Kolkata
22886 Answers
492 Consultations

5.0 on 5.0

  1. Lenders have no claim over properties of wife.
  2. Lenders can file a suit and recover from you salary by obtaining direction to employer for transfer of part of loan amount but it will be only a part of salary full salary cannot be attached. But your reputation will be affected.

Ravi Shinde
Advocate, Hyderabad
4068 Answers
42 Consultations

5.0 on 5.0

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