Loan
1 week ago
My husband bailed me out and took a loan under the guise of insurance. He could not pay it. Then the bankers decided to go ahead legally.
Is it possible to file a case on me?
A.Dear Client,
The co-borrower is responsible to repay the borrower's debt if the borrower is unable to make the required payments. So, if you are a co-borrower in your husband's loan, then you be equally liable to repay the amount if he defaults. However, you can seek an extension of time from the bank for the repayment of the loan amount. In case of non-repayment of loan, the bank has a right to institute a civil or criminal proceedings against you to recover the debt amount. The bank can also utilize the proceeds of your property in order to recover the dues.
Hope it helps.
Thank you.
The co-borrower is responsible to repay the borrower's debt if the borrower is unable to make the required payments. So, if you are a co-borrower in your husband's loan, then you be equally liable to repay the amount if he defaults. However, you can seek an extension of time from the bank for the repayment of the loan amount. In case of non-repayment of loan, the bank has a right to institute a civil or criminal proceedings against you to recover the debt amount. The bank can also utilize the proceeds of your property in order to recover the dues.
Hope it helps.
Thank you.
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A.Dear Client,
A co-applicant/borrower is equally liable for repayment of the debt if the principal Borrower fails to repay it and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes legal steps for recovery of debts from the co-borrower attaching the security offered by the borrower/co-borrower against the loan. Being a co-borrower you can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your principal borrower's loans for any reason whatsoever. Moreover, legal actions may also be taken by the Bank against a co-borrower including filing a civil suit in court or initiating criminal proceedings against him/her. The banks may also make use of debt recovery tribunals to recover the dues they are owed from the defaulter borrower by attaching his/her property. A quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to navigate the crisis amicably.
A co-applicant/borrower is equally liable for repayment of the debt if the principal Borrower fails to repay it and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes legal steps for recovery of debts from the co-borrower attaching the security offered by the borrower/co-borrower against the loan. Being a co-borrower you can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your principal borrower's loans for any reason whatsoever. Moreover, legal actions may also be taken by the Bank against a co-borrower including filing a civil suit in court or initiating criminal proceedings against him/her. The banks may also make use of debt recovery tribunals to recover the dues they are owed from the defaulter borrower by attaching his/her property. A quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to navigate the crisis amicably.
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