Question
Before Corona, my father took a loan of 3 lakh taka from an NGO, which was for two years. Then, within a few days of taking the loan, the business was completely finished due to the arrival of Corona, so we paid it in different ways last month. When dad went to get the house deed, they told us that it took 10 months longer to pay our money, and due to that, we have to pay 26 thousand more. Now I want to know, what should I do in this situation?
Answer
In this situation, it’s essential to understand your rights and the terms of the loan agreement. Here’s what you can do:
- Review the Loan Agreement:
The first step is to carefully review the loan agreement. The terms related to repayment periods, penalties, and any additional charges should be explicitly mentioned. Ensure that the NGO is within its rights to impose an additional charge for the delay in payment. - Check for Validity of the Additional Charge:
Additional charges like the 26,000 taka must be justified and fall within the guidelines of the agreement. If there is no clause in the agreement that specifies a late payment penalty or if the penalty seems excessive, you may challenge it. - Negotiate with the NGO:
If the charges are legitimate but burdensome, you can approach the NGO for a negotiation or settlement. Explain the situation, especially the impact of the pandemic on your father’s business. NGOs, especially those focused on social welfare, may be more lenient in these circumstances and offer a discount or an extended payment plan. - Consult a Lawyer:
If you believe that the additional charge is unjustified or if the NGO is unwilling to negotiate, it would be wise to consult with a lawyer. A legal professional can help you determine whether the NGO’s actions are in compliance with the law and provide you with options for pursuing legal recourse. - Check for Financial Protections Due to COVID-19:
Many financial institutions, including NGOs, had relief programs during the COVID-19 pandemic. These could include payment deferrals or waivers of penalties for late payments. Ensure that you check if such programs were applicable at the time of the delay. - Payment Negotiation for the Deed:
Since the issue is impacting the house deed, it’s also important to emphasize the urgency of clearing this matter. If the additional payment is a barrier to obtaining the deed, consider discussing the situation with the NGO and exploring if they can facilitate the process without the extra charge or offer a payment installment plan.