Legal Question in Banking Law in India
Hi,
My mother is a retired govt employee living with a pension 5000. she defaulted on a loan where she has to pay a principal of 9000. bank is asking to pay 30000 as a settlement other wise to take legal action...she cant pay that much amount...but she can pay principal+some interest...could you please suggest how we go about it..
thanks,
nivas
Asked on 8/22/09, 3:38 am
2 Answers from Attorneys
Sudershan Goel
India Law Offices of Sudershan Goel - Advocate
It may better to make efforts for a compromise/settlement.
Answered on 8/22/09, 10:21 am
Pursue for full and final settlement with the bank. Alternatively, you may approach local legal service authority to call the bank for settlement before lok-adalat, where you may get your loan settled after negotiation.
Answered on 8/24/09, 6:49 am
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