Personal loan took in 2007 after 9 years they harass me.?

Question

My self aadesh i took a personal loan in 2007 but in 2008 due to some unavoidable circumstances i was not in that position that i pay remaining due.I sold my house due to financial crisis, lot job and saving.After 9 years somebody has come to my old address and inquiry about myself.My old neighbor knowing about me and they tell him my current address.My come my address and tell me that i am coming from bank and you took a personal loan from bank now we take over.He tell me pay all dues.I told that case was around 8-9 years old.Then he says then what.You tell me pay or not.I says come to legally.I will reply.
 

Answer 1

Dear Aadesh

At the outset, let me clarify that this site is designed and managed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

You admit that some balance of the loan was not repaid.  As per the sanction terms of the bank and agreements / documents executed with them, you are under obligation to repay the entire loan with applicable interest and other charges, if any.  Notwithstanding the lapse of considerable time after obtaining the loan, you are still liable to pay back the same, unless the documents executed have crossed the time limitation, which can be your only excuse.  You getting into a financial crisis would not exonerate from the dues payable to the bank.  Hence, given the facts, you need to think rationally and proceed appropriately.

RAJA