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RIn 2022 my dad took a loan of 7 lakhs from HDFC bank when I was in class 10th, and in order to pay that loan he took a lot of loan from here and there and ultimately fell into a debt trap. Today a HDFC employee arrived at our home and told us about the amount otherwise we were unaware of the amount. In 2018 he took a loan of 25 lakhs to buy our apartment as well. He also has many pending credit card bills as well. He is an alcoholic and has made our lives hell. He blames my mom that she made him buy our apartment due to this he took a lot of loan but without this we would’ve been forced to stay at his village and our education would have been compromised. Also a lot of our home loan has been paid already so I dunno why would he take that 7 lakh loan in 2022. What I am suspecting is that he has done something with a woman or perhaps he has gambled that money away. How do I proceed with this situation, please enlighten me. My sister is in class 8th and he hasn’t yet paid her fees and likely won’t.
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PHi young man. From what you write, the only option left is for the house to be auctioned by the bank or your dad sells it with outstanding dues used by bank to close the loans. This is the only way to prevent any further losses /defaults. When you grow up you can buy a house..till then grit your teeth and live on rent.
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MI hope you have some savings if yes then use that saving to to get out of it.
I would suggest you settle amount taking hit on his credit score so he can’t take loans in future.
If no saving to settle then the advice for auction of house is the only thing is their.
I would suggest you sell the house before this situation happens as auction prices are low.
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SHe earns money and got loan on his money. It’s not like he’s forcing you to pay or anything. What case you wanna file on him?
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IBoy you have no idea how recovery agents talk to and intimidate defaulters wives and kids. It’s traumatising. Just because the loan was in the father’s name doesn’t mean the family isn’t suffering. This kid is paying the emotional and educational price for his father’s actions. So if you don’t have any real legal advice, it’s better not to comment.
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SFortunately or unfortunately, assholery isn’t a crime.
Loan sharks and other fraudsters will target debtors’ families, especially those they believe will be scared easily, but as long as your name isn’t in the paperwork, you’ll be fine. Also, throw loans given verbally out.
The bank will do as it should though.
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PThese alcoholics are the worst people. My brother in law is an alcoholic. Mostly comes home drunk. Doesn’t sleep early, watching tv the whole night until 3am, while my sister, niece and nephew sleeping in that same room. Doesn’t help my sister at all in cooking or doing the dishes. This shameless mf doesn’t even know how to ride a bike or car. My sister takes him on her Scooty most of the time. I’ve zero respect for these irresponsible idiots
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