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What is a loan agreement itself. How to resolve the dispute if the loan is not repaid on time?
Question; I got a loan from a bank. I am having difficulty repaying my loan because I am not working right now. The bank staff came to my house and bored me. They even embarrass me by calling my cousins. In this case, shouldn’t the bank employees go to court without coming home to collect the debt?
Answer; Let’s start the answer to the question with the concept of a loan agreement. According to Article 744 of the Civil Code of the Republic of Uzbekistan,
One party to a loan agreement - a bank or other credit institution (lender) provides funds (credit) to the other party (borrower) in the amount and on the terms specified in the agreement, and the borrower returns the amount received and pays interest on it. undertakes to
🟢 The loan agreement includes norms based on the legislation on what happens if the parties do not fulfill their obligations in a timely manner, in what order the interested party exercises its rights and how to resolve disputes.
🔴 In practice, most borrowers and bank employees face many problems as a result of not understanding or knowing the loan agreement. For example, in practice, if a bank employee is needed to collect a loan from a person who owes money, the head of the bank joins the citizen to go home and demand the loan, but in any loan agreement the norm is to collect the debt at home. will not be and cannot be. According to the agreement, if the citizen does not pay the debt, the bank does not have to go home to claim the debt in court.
❗️Mr. Some bank employees! You do not have the right to apply to the aunt, uncle, aunt, uncle or other relatives of the debtor to pay the debtor's debt or to go home. You can only go to court to enforce the debt from the debtor. To understand this, a person does not need a head like a gecko. All you have to do is read the contract you have on hand.