My father borrowed ₹45,000 from J&K Bank over 25 years ago. Unfortunately, our family business closed down due to heavy losses, and we haven’t been able to repay the loan. We are now five people, and only my father earns a little, making repayment impossible. The bank keeps threatening legal action. What should we do?

Apni Law
Apni Law
Law Forum › Category: Consumer Court › My father borrowed ₹45,000 from J&K Bank over 25 years ago. Unfortunately, our family business closed down due to heavy losses, and we haven’t been able to repay the loan. We are now five people, and only my father earns a little, making repayment impossible. The bank keeps threatening legal action. What should we do?
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Apni Law Staff asked 2 years ago

My father borrowed ₹45,000 from J&K Bank over 25 years ago. Unfortunately, our family business closed down due to heavy losses, and we haven’t been able to repay the loan. We are now five people, and only my father earns a little, making repayment impossible. The bank keeps threatening legal action. What should we do?

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Best Answer

Apni Law Staff answered 2 years ago

You should attempt to contact the bank and negotiate a repayment plan, explaining your financial situation. If that fails, seek legal advice to understand your options under the Indian Limitation Act. This Act limits the time period within which a creditor can take legal action to recover a debt.

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