Chit funds
1 year ago
Hai sir/ madam i am karthik from erode,tamilnadu actually we taken a chit amount from chit funds moreover we paid 15 auction amount but unfortunately we loss our business and able to pay the remaining balance amount... We request chit funds to give some time they also accepted and give time... Now we are planning to sell my house after the house sales we can able to close that chit amount.... But after the time given by chit funds they now force to pay the amount immediately... We are confused what to do... After lossing my business i can't able to contact the advocate because of financial prblms.. can u pls give some suggestions or how to move on
Subhashis Paul
Responded 1 year ago
If you have taken loan in the form of chit fund then for sure you are supposed to return the amount with interest. Since presently you are not able to do so because of low business then seek time from them. Anyways you are planning to sell the house to repay so tell the same to them and seek time.
Kindly note that if the company had agreed to a retain amount of time then they will have to stick by the same. Otherwise you can file a case for breach of contract.
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