- This topic has 9 replies, 10 voices, and was last updated 1 year, 2 months ago by
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R25M, from a normal middle class family in teir 3 city in india. Wasn’t really well and interested in studies so decided to quit my computer science degree and started new buisness. Everything is registered in my name, like GST proprietor and even our home is in my name also.
Here comes the main part, couple of years ago, this dickhead relative of ours came to father and asked him for help of money to start new business as he would own everything and they would work under him and he’d pay them salary. Without any discussion or asking me , he agreed to them and put up 20 lakhs of his saving in cash and took 50 lakhs of loan in my name mortgaging our home ( pretty stupid i know )
My father doesn’t work with me in my business. I own and run it alone only.
So now after 2 years, my father is no more with me, now those 2 relatives have run away selling all the stock of other business and cash also. My father was paying emi till date. Now that the relatives have scammed us, took away all the stock and cash. I am stuck in this mess. Bank is pressuring me to pay the emi as i am the borrower and the property that is mortgaged is in my only.
Now i have to pay the loan for 13 years, else my home would be gone also.
Can i do anything legally to avoid paying this loan?
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Pwas the home in your name when he took the loan or did u get it in your name now as part of inheritance? before taking inheritance all debts are to be paid from the deceased persons assets…I would say talk to a lawyer because from what you say it seems like someone forged your signature or something to get the loan in your name?
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HIt is not be possible for your father to take a loan in your name and mortgage your property without your knowledge, as your signature would be required for such transactions.
If you can establish that you transferred the amount to your relative and they have dishonestly misappropriated the money, you may consider filing a police complaint for cheating and criminal breach of trust against them. Additionally, you can file a civil suit to recover the amount.
However, since you are the borrower and have signed all the loan documents, you cannot escape the liability to repay the Bank dues.
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BYour father agreed to give them 70 L and making them the owners and himself was taking salary ? Where was the clause to return the money with interest.
How did your father take the loan in your name without your signatures ? Did you sign any documents ?
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