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UBoth my parents are government employees. My dad retired 2 years ago. Mom is currently working. He has a pension, gratuity, and other savings. He wanted to buy a new car because our old one is in poor condition. So yesterday morning, he told Mom he is taking a 5 lakh loan to buy a car. He doesn’t want to take 5 lakh from his savings as he’s planning to use that money for me (25F) and my sister’s (24F) wedding. Neither my sister nor I want a big wedding, but my father has so many friends and connections, so he will invite many people anyway. So the thing is, my mom thought he was taking a loan in his name. He never clarified it was in her name. The bank employee arrived at our home while she was leaving for work. They asked her to sign papers and she was busy. Only after signing a few papers did she notice it was in her name. She thought she was signing as a co-borrower. She was surprised, and when she asked about it, my dad dismissed her concerns, saying he would pay the loan, etc. But in the past also, he has done such stuff, and my mom ended up paying. This is a 5 lakh SBI loan – 9% interest pa – spanning over 90 months. My mom is sad and angry and dad is gaslighting her. Already due to some salary cuttings and stuff she’s only getting 10k in her hand. What to do? Is it even worth the money.. For a 5 lakh car now we have to spend around 9 lakhs..What to do about this situation
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MI don’t have any legal advice but wanted to say it might be better to liquidate gold ornaments and other fixed assets to minimize the loan amount.
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RAnd also liquidating gold ornaments that can be used for weddings later on isn’t good advice give how gold rates are nowadays.
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MAre they going to fetch higher returns than the interest paid on loan. I don’t think so but I can be wrong.
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UNot legal advice but, I believe some banks allow loans to be cancelled with a fine, within a certain number of days/months. You should get in touch with the bank, and since your mother is the sole borrower, she should be able to cancel it without you dad’s interference. Sorry, you’re going through this.
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ULegally? You can ask your mom to divorce your dad and take atleast half his shit and pay alimony from his pension.
Otherwise you talk to dad and pay for the car yourself
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SDid u even know how long it will take to get a verdict in disputed divorce proceeding and how much efforts(financial/mental) u need to put to even have a chance for “taking atleast half his shit and get paid alimony from his pension while she is employed.
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