Mpokket Loan repayment delayed
8 months ago
My loan is over due from last 304 days, i am committed for the payment but cannot managed due to the financial condition, as from last 10 to 11 month was too horrible due to the medical expenses for Dad and also Mom, and i was failed over my commitment too, i cant have money at the moment, getting salary every month but its get delayed too, i had asked that too need time to repay the loan in 2 to 3 parts, but i getting harassments calls and some time i cannot received too.... I need suggestion help from your end that how i can tackle till i can manage the money
A.Dear client,
The following legal remedies available to defaulter in the case of harassment by recovery agents:
Filing a complaint at the police station:
A proper complaint should be filed against the Bank and the recovery office. However, if the police do not file a complaint, the magistrate can be approached.
An injunction suit against the bank and recovery agents:
A civil injunction suit with an ad-interim relief can be filed in the civil court against the bank and recovery organization. It should be possible to guarantee that bank authorities and recovery agents don't visit a person's home to recover the dues.
File an objection with the Reserve Bank of India:
After getting a few public objections against banks and seeing a few cases recorded against the harassing recovery method, the RBI prescribed certain norms for the recovery agents in order to govern the approach towards defaulters. In this manner, if the defaulters feel undermined, they have an option to contact the organization and file a legal complaint.
Defamation suit:
If the debt recovery depends on incorrect data that prompted the deficiency of a person's CIBIL score, they can file a defamation suit against the bank and recovery organization.
The following legal remedies available to defaulter in the case of harassment by recovery agents:
Filing a complaint at the police station:
A proper complaint should be filed against the Bank and the recovery office. However, if the police do not file a complaint, the magistrate can be approached.
An injunction suit against the bank and recovery agents:
A civil injunction suit with an ad-interim relief can be filed in the civil court against the bank and recovery organization. It should be possible to guarantee that bank authorities and recovery agents don't visit a person's home to recover the dues.
File an objection with the Reserve Bank of India:
After getting a few public objections against banks and seeing a few cases recorded against the harassing recovery method, the RBI prescribed certain norms for the recovery agents in order to govern the approach towards defaulters. In this manner, if the defaulters feel undermined, they have an option to contact the organization and file a legal complaint.
Defamation suit:
If the debt recovery depends on incorrect data that prompted the deficiency of a person's CIBIL score, they can file a defamation suit against the bank and recovery organization.
Helpful
Helpful
Share
A.Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by Bank as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you that includes filing a civil suit in court or initiating criminal proceedings against you. The banks may also make use of debt recovery tribunals in order to recover the dues they are owed from the defaulter borrower. However, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. In case of any harassment or threats by recovery agents asking refund of dues, you may then immediately bring the matter to the notice of the concerned Bank and the higher authority and lodge a complaint in the local police station regarding harassment by the recovery agents.. You also need to file a complaint online to the RBI against arbitrary and coercive action of the concerned Bank adopted for the recovery of debt from the loan defaulter. Apart you can file a civil suit praying for an injunction against the Bank and recovery agent. You can also register complaints under the Integrated Ombudsman Scheme of RBI when you have already registered your complaint to the concerned Bank or NBFC and it has been rejected by them or doesn’t get any answer within 30 days. You have to visit https://cms.rbi.org.in website to register an online complaint for any matter related to banks. you can also make a complaint through mail to the Centralized Receipt and Processing Center notified by RBI. For this, you have to write your complaint and send it by email to: [email protected] for redressal of your grievance. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter.
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by Bank as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your loans for any reason whatsoever. Moreover, legal actions may also be taken against you that includes filing a civil suit in court or initiating criminal proceedings against you. The banks may also make use of debt recovery tribunals in order to recover the dues they are owed from the defaulter borrower. However, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank, creating or restructuring a repayment plan or extending the tenure of repayment of a loan, looking for debt forgiveness. considering loan consolidation, offering a one-time settlement payment. Following these steps, you may write an application requesting for settlement of dues to the concerned Bank stating why you cannot repay your outstanding dues lying against the loans. Also, write that you want to explore alternative repayment terms. Specify the amount that you can pay, as well as what you expect from the creditor Bank in return. A good starting point for negotiation could be offering around 30% of the amount that you owe. In case of any harassment or threats by recovery agents asking refund of dues, you may then immediately bring the matter to the notice of the concerned Bank and the higher authority and lodge a complaint in the local police station regarding harassment by the recovery agents.. You also need to file a complaint online to the RBI against arbitrary and coercive action of the concerned Bank adopted for the recovery of debt from the loan defaulter. Apart you can file a civil suit praying for an injunction against the Bank and recovery agent. You can also register complaints under the Integrated Ombudsman Scheme of RBI when you have already registered your complaint to the concerned Bank or NBFC and it has been rejected by them or doesn’t get any answer within 30 days. You have to visit https://cms.rbi.org.in website to register an online complaint for any matter related to banks. you can also make a complaint through mail to the Centralized Receipt and Processing Center notified by RBI. For this, you have to write your complaint and send it by email to: [email protected] for redressal of your grievance. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path to resolve or settle the matter.
Helpful
Helpful
Share
Read Related Answers
Credit card
Dear Client,
You can try to negotiate a settlement of your credit card dues with the Banks on your own if your pocket permits and the bank agrees, but sometimes it's typically done through third parti...
Harrassment and verbal attack on personal misfortune by Bajaj Finserve TVM
Dear Client,
As per the contractual obligation you are bound to repay the loan but the creditors have no right to harass you to recall the amount, there are rules set as per RBI guidelines as to how...
Complaint regarding not refunding fees.
Dear Client,
It's essential to communicate clearly with the center about your request for a refund and to provide any necessary documentation, such as receipts or enrollment agreements, to support y...
Insolvency
Dear Client,
Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whethe...
How to get stay order of property possession taken by NBFC
Dear Client,
Sub-section (3A) of Section 13 of the SARFAESI Act was introduced by way of an amendment in the year 2004 whereby (3A) the borrower is allowed to make representation or raise an objectio...
Read Blogs on Debt Collection
Debt Collection Lawyers
Find Lawyers by Location
