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My son had taken education loan of 7.5 lacs for his education in the United Kingdom. He completed his studies but had to come to India as his visa was not renewed. He did not get a suitable job and had to start working for call centre where he was drawing only 20000/-. Uptill the time I was warking, I paid his instalments of Rs.21000/- per month for about 2 years. Thereafter due to financial loss in business, I could not continue paying. At the time of taking loan, he was 17 years 8 months (minor) and has not signed any of Bank agreements. I had signed as guardian. Is he liable along with me? Bank has filed recovery suit in DRT for 11 lacs. Plz guide me
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A. Yours will be an interesting case to watch out for. A minor, first of all, cannot be given loan and if given then the minor cannot be forced to repay the loan. The Bank has already given the loan and will be difficult for them to coerce or take any legal step to force your son to repay. You being a guarantor they may armtwist you but you don't lose your ground. As suggested by other learned lawyers bargain with the bank and get this closed.
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Abhimanyu Shandilya Exp: 14 Year(s) Kolkata

Anonymous

Posted 9 months ago

I had lent a sum of Rs 1,00,000 to someone in 2003 against which he mortgaged his property. There is a mortgaged deed. He assured to pay the amount in 2 years which he did not. My query 1. Can I take action now(in 2018)? 2. What is the procedure.? How much time can it take? 3. Should we need to send any notice?
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A. See the limitation period for mortgage is 12 years form the date the mortgage was created. So, from that date your limitation has expired. Did you get any debt acknowledgement document signed later on or what was the last payment that you got. From that date if 12 years have not elapsed then you can otherwise you cannot
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Abhimanyu Shandilya Exp: 14 Year(s) Kolkata
Hi, To renew my LIC policy my LIC agent asked me to send premium due amount in his bank account (as I am in another city) he will deposit and renew my policy immediately as he said he is sitting in LIC only. Now its been more than a week he is making pretances one after another but not depositing in my LIC policy. What legal action can I take against him. I have his whatsapp communication where he shared the policy quotation showing amount due and he shared his cheque book copy for online transfer. And online transfer details are there with me. Please advise! Regards, Khalid Jamal
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A. This is a common from of fraud committed by agents and even if they do not commit fraud there is a huge risk of not depositing the funds/premium and the policy can expire. Hence suggested that you avoid paying through agent's account. Now in this case you can send a legal notice to that agent and force him to do what is expected to be done by him.
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Abhimanyu Shandilya Exp: 14 Year(s) Kolkata

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