Legal Question in Credit and Debt Law in India

In reply of Mr. Fca Prashant Chavan, I wish to inform you that a person of the bank had already came to my residence and told to meet with them into the bank. They will show me the papers which I had signed as a gurrenter instead of a reference.

Now, I am confused whether I will meet with them or not? If I go there, they will whether accusing me or they will tell me to sign other papers. As I don't have any knowledge regarding legal parameters and formalities, I am really worry about it.

If they really proved that I was the gurrenter then what should I do? What will be my way of rescue.

Please help me.

Regards,

Priyabrata Chatterjee


Asked on 9/07/13, 8:02 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

09.09.2013

Dear Priyabrata,

You should go to the bank, verify and read all the documents you have signed. Do not sign any documents further, even if you are asked to sign any papers, stating that you have only come to verify all your papers signed in the loan application. Also tell the bank to produce all legal correspondence with the legal heirs asking them to repay the outstanding loan balance and detail of Court cases lodged against the legal heirs of the original borrower for recovery of the outstanding loan balance. Lastly, tell the Branch Manager that if and only if the legal heirs of the original borrower, are declared "insolvent", can the bank fall back on the guarantor to recover the net outstanding balance from the guarantor(s).

Regards,

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Answered on 9/08/13, 9:05 pm


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