How to deal with Afghan Lender when I have no money to pay their interest
8 months ago
I took 1.5Lakhs from an afghan lender. He is not present now, but another one comes and take the money. I already paid over 2.2 lakhs already at 84%pa rate. I have no money to pay now, I failed to pay for last 5 months. What do I do as he is threatening on call and visiting my house and police is not listening to my plea and basically hinting of paying them, which I really don't have? Police is literally supporting the lender and telling me to either die or sell house (which I do not own) or do anything but pay them back. What to do now?
A.Dear Client,
In the prevailing situation, you have two options to resolve the crisis - 1) You can file a petition for bankruptcy if you are unable to repay a debt greater than ₹500 under the Provincial Insolvency Act,1920. After analyzing whether the conditions for filing of bankruptcy have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor. If the application is admitted, the court can apply a stay on any legal proceedings against the property or assets of the debtor. In other words, you can get a stay order against further recovery efforts by your creditors/lender. 2) Secondly, you can lodge a grievance/complaint related to money laundering with the Financial Intelligence Unit - India on the email dedicated for this purpose: complaints[at]fiuindia[dot]gov[dot]in for redressal of your crisis. You may get in touch with an Advocate for further guidance and steps.
In the prevailing situation, you have two options to resolve the crisis - 1) You can file a petition for bankruptcy if you are unable to repay a debt greater than ₹500 under the Provincial Insolvency Act,1920. After analyzing whether the conditions for filing of bankruptcy have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor. If the application is admitted, the court can apply a stay on any legal proceedings against the property or assets of the debtor. In other words, you can get a stay order against further recovery efforts by your creditors/lender. 2) Secondly, you can lodge a grievance/complaint related to money laundering with the Financial Intelligence Unit - India on the email dedicated for this purpose: complaints[at]fiuindia[dot]gov[dot]in for redressal of your crisis. You may get in touch with an Advocate for further guidance and steps.
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