Legal Question in Credit and Debt Law in India

Hi,

A few years back, I took a student loan where my father was the guarantor. I am unable to pay the loan back - the bank has been hassling me about it and also filed suit against me

I would like to pay the bank back, but neither I, nor my family has the resources to do so. What are my options and consequences of the same.

1. I continue to default and not repay the bank

a. can they seize my parents assets

b. can they seize my husbands assets? all properties and accounts are on his name, not mine

2. I try to settle outside of the court for a lower amount

a. How do i get them to settle for a lower amount?

b. I can pool together 1.5lakh instead of 2.3 lakh?

Thanks


Asked on 2/27/16, 12:48 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

27.02.2016

Dear Madam / Sir,

"If you are not sure whether to do it or not, just do it".

Having outlined the options, I suggest you straightaway approach the Bank with the offer to pay up, settle and close the total outstanding by paying Rs. 1.50 lakhs and take a "No dues" letter from the Bank.

Regards,

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Answered on 2/27/16, 2:12 am


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