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ESo my dad took a loan from a certain big pvt Bank in Delhi few years back. The amount was pretty big (between 10-15L). The thing is he didn’t inform any of us about the loan – not me, not my mom, not anyone else. Now that same year, just within 2-3 months of taking the loan he suffered from a stroke, which has left him paralysed and unable to talk ever since.
The issue is, due to his medical issue, he isn’t able to work anymore, hence we don’t have any source of income as of now. Most of our savings have almost finished paying his medical bills as well as my education fees (I’m in college rn).
The issue started when The mentioned bank started calling us repeatedly due to non-payemnt of loan, which was when we learned there was a loan in the first place. We tried to reason with them, told them about our situation multiple times – heck they even came to our house once and saw my dad bedridden with their own eyes. We can’t pay even a small portion of the loan let alone paying it back completely, yet they keep on calling repeatedly.
Just two days back I recieved a call from some advocate (at least her Truecaller was showing) who told me my dad has an arbitration case against him for the said loan. I explained our situation once again to her but she didn’t budge, and told me that we have to pay the amount otherwise if my dad is dragged to court my whole family will have to go through lots of issues. I don’t know what to do, my uncle says these are only ways of them trying to recover their money, and there’s no need to worry as they can’t legally force you to pay. Is he right? What should I do? Please someone well-learned in matters like these help me. Will be grateful -
SWhat happened to loan amount your dad received ?
Is that money used for his treatment and other expenses?
If yes, you are ethically liable along with legal. -
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PWas it a secured loan ? (Taken against house, land, jewellery etc.)
If not, given your father’s medical condition they really can’t do much.
Ideally, banks make you buy insurance along with the loan for such situations. Check if your father had any such insurance catering to unemployment, disability etc.-
EWe don’t know because we couldn’t find any relevant documents regarding the loan in our home. Perhaps it was in his office drawer so couldn’t know. Nevertheless it’s very hard for us because dad can’t speak, and that’s why we can’t know anything about the loan.
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PSo how do you know the loan exists and it’s not a scam?
Can’t you ask the bank for a copy of the loan documents?
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