Legal Question in Credit and Debt Law in India
I have taken a personal loan from sbt for 50000 with a guarantor in 2004, after paying a few installments I have defaulted. In 2011 it went to court and I made small payments, in 2012 I moved overseas and in 2013, bank issued warrant against guarantor, so I started paying 25000 each month and during the last few months I paid a total amount of 1.5 lakh. I approached bank for settlement as per bank outstanding is 3 lakh and they want me to pay at least 2.5 lakh that is another 1 lakh as settlement, I am trying to negotiate anything like 2 lakh or less, that's another 50000. Bank is not willing to negotiate what are my legal rights in this matter please
3 Answers from Attorneys
when negotiating there can be no legal rights for it is on both parties to arrive at a figure suitable to both.the court will have no role to play in this.
You have no right while you are negotiating. You may drop in a detailed query at [email protected]
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JSR/13514
13.05.2014
Dear Sir / Madam,
Once you have negotiated the settlement and closure of your loan amount and derived at the final amount payable by you to pay off and settle the loan and close the A/c, you should obtain a letter from the bank to this effect. You certainly cannot be dictating to the Bank how much amount they should accept in full and final settlement of your loan outstanding. The Bank on their part will give you the permissible concessions in repayment which you should gracefully accept and settle for.
Regards,
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