Bank Tried To Cash Cheque Given As Security For Personal Loan Recovery | Vkeel - Free Legal Advice

Vargish

Hyderabad

My father took an unsecured personal loan from a bank for business with a blank cheque as security a few years ago. At the start of this year, due to heavy losses, my father decided to shut down the business. We sent them a letter telling our situation in hope of negotiating something but they did not respond on Feb, 20. We have been trying to get in touch with them but they are not responding. This month they tried to cash the security cheque without telling us for the whole amount which got bounced. What shall we do?

Expert's Answers(4)

Advocate Abhimanyu Gurawalia
Patli Hajipur, Haryana

60 Client Ratings

they will send you a legal notice and file a case under negotiable instrument act you can contest the case or settle the matter by paying the balance amount

October 17, 2020
Advocate Yogesh Navmahalkar
Jalna, Maharashtra

19 Client Ratings

Dear client, Approach the bank as early as possible otherwise they will bounce the cheque and file cheque bounce case in court.

October 17, 2020
Advocate Satej C More
Mumbai, Maharashtra

17 Client Ratings

Dear Client, The Bank will now issue a legal notice u/s 138 of Negotiable Instrument Act. Before this you need to discus with the bank official for time and settlement of the dues. In case of any further advice please connect with me. Also review my profile and rank 5 star points to me.

October 17, 2020
Advocate J L Naagar
Jalandhar, Punjab

169 Client Ratings

Immediately go for settlement by negotiating over the amount of Loan by rescheduling the installments to save the situation because it is very difficult to wriggle out of the grim situation. Please give me Rank Five and follow me after reviewing my resume and book a consultation for further discussion and explanation if required.

October 17, 2020