Personal loan Recovery
I had availed a personal loan in 2005 for a duration of 36 months from a financial institution and to the best of my memory had paid it completely. This institution later wound up operations in the state I hail from. Last week however, I received a call from a person claiming to be the collection representative of another bank saying that they had bought the bad debt books of the financial institution I had availed the loan from and that there were few pending payments on the same along with accrued interest and penal charges and that they have been assigned to collect it. I have not been contacted in the past 8 years regarding any pending payments of the said loan nor received any communication regarding the same in the past. Am I liable to make any payments on an personal loan after 8 years since the due date of last installment. I am currently employed out of India and my wife is receiving calls at her workplace from the recovery team regarding the said loan for which she is in no way liable. Kindly advise.