Questions & Answers
Requesting the release of EOSB held against a bank loan
My cousin sister has taken a loan from a bank, and she has paid the instalments without any defaults. Recently, both my sister and her husband lost jobs.
My sister got a new job within 1 month from the job loss, but the salary was a little lower than the previous.
The final settlement was transferred by the old company to the bank which the full amount was kept on hold by the bank even the new salary is being transferred to the bank.
The bank will give the amount only by 2021 when the loan is finished. My sister is ready to pay back as she has a job if she gets some money from the final settlement.
She was working in the company for 12 years and her husband has no job and two children are going to school. This amount will be a relief for them.
Please let me know if there is any way to discuss with the bank to release a part of the amount so that it will be a relief for the family.
Most of the people when they get the loan do not care about the conditions that the bank requires to pay the money.
It is known that the bank wants to profit, and therefore, any excuses are unacceptable for the default and non-payment.
I understand the difficulty of your position, but you need to negotiate with the bank about your problem and I'm not sure that they will solve the problem for you.
I know your suffering but the solution, in my opinion, is to raise money and get rid of the loan as soon as possible.
I realize that what I'm saying may be difficult for you, but I'm not optimistic that the bank will give you a magic solution.
I am sure you did not look at the terms of the contract when you signed, but you are bound by it.
So you need to review the contract with a legal person to help you negotiate with the bank for a reasonable settlement.
I wish you success and I wish the best for you always.
Hi there,
The bank has the right to hold such funds and the policies support the same. At this time, I suppose they won't listen much.
But what you can try is to first clear all the backlogs/defaults if any and keep on track your next few instalments.
Also once you get the job, then you can also become co-guarantor for the same. Then try to renegotiate as the bank want to make sure the money is recoverable.
Secondly, you may carefully try to get your existing loan restructured from some other institution/source and get your funds from the bank then.
Let me know if you need further assistance or advice.
Thanks,
Sudhanshu Singh
00971523782456
sudhanshu@alnassaradvocates.com
