Debt from private money lender
1 year ago
I have borrowed 2,20,000/- from a private money lender. And have been paying interest @ 3% for past 6years. I work as a delivery boy and in a deep financial stress. I am unable to pay interest but try and repay the principal in small chunks. But the money lender is not agreeing. Kindly advise.
A.Dear client,
As you have agreed to pay 3% 6 years ago and you have paid for past 6 years, you will have to continue paying accordingly. You can do the following:
1. Get an exact idea of the total amount due.
2. Prioritise and ensure timely payment of debt.
3. Consolidate loans.
4. Try settlement of loans with your lender.
OR
You can file a complaint with the NBFC Ombudsman by writing on a plain paper and sending it to the concerned office of the NBFC Ombudsman by post/fax/hand delivery. You can also file it by email to the NBFC Ombudsman.
As you have agreed to pay 3% 6 years ago and you have paid for past 6 years, you will have to continue paying accordingly. You can do the following:
1. Get an exact idea of the total amount due.
2. Prioritise and ensure timely payment of debt.
3. Consolidate loans.
4. Try settlement of loans with your lender.
OR
You can file a complaint with the NBFC Ombudsman by writing on a plain paper and sending it to the concerned office of the NBFC Ombudsman by post/fax/hand delivery. You can also file it by email to the NBFC Ombudsman.
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A.Dear Client
This kind of money lenders are informally called as "loan shark" as you end up paying all through your life but it never ends. You speak to that lender and tell him to allow you to pay the principal and finish the loan otherwise you can lodge a police complaint against him as money lending without a valid license is illegal and crime.
This kind of money lenders are informally called as "loan shark" as you end up paying all through your life but it never ends. You speak to that lender and tell him to allow you to pay the principal and finish the loan otherwise you can lodge a police complaint against him as money lending without a valid license is illegal and crime.
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A.Dear Sir,
You may lodge complaint with Police or concerned licensing authority to cancel his money lending license as he cannot led money at the rate of interest more than 18% per annum.
You may lodge complaint with Police or concerned licensing authority to cancel his money lending license as he cannot led money at the rate of interest more than 18% per annum.
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