Money
7 months ago
my frnd has taken 3.2 lac amount through an financial organisation on my name now he is saying right now i dont have money salary not credited alike words from past 3 months etc., that organisation asking me to repay in which i cant afford kindly help me sir what should i do
A.Dear Client,
In the given situation, if anyone out of three, i.e. you, your friend or the lender Company, escalates the matter before the Court for recovery of money, all of you will be held accused of criminal offense u/s.416 of IPC - cheating by personation and consequently face the penalty u/s.420 IPC. Even the lender Bank may be held liable for the negligence of duty u/s.129 of IPC. So, it is better to negotiate or settle the matter amicably between the parties. You can try to negotiate a debt settlement on your own, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than the lender Bank, along with the chargeable fees. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the balance. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations of fake entities. So, if you're considering settlement of dues, the Consumer Financial Protection Bureau(CFPB) suggests contacting your state attorney general's(AG) office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
In the given situation, if anyone out of three, i.e. you, your friend or the lender Company, escalates the matter before the Court for recovery of money, all of you will be held accused of criminal offense u/s.416 of IPC - cheating by personation and consequently face the penalty u/s.420 IPC. Even the lender Bank may be held liable for the negligence of duty u/s.129 of IPC. So, it is better to negotiate or settle the matter amicably between the parties. You can try to negotiate a debt settlement on your own, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement matter with the lender on your behalf. With this method, you will make payments to the debt settlement company rather than the lender Bank, along with the chargeable fees. Debt settlement is an agreement between a lender and a borrower in which the borrower repays a portion of a loan balance and the lender forgives the balance. You may consider starting the negotiation by offering to pay 25% or 30% of your outstanding balance in return for forgiveness on the rest. But, it may be noted that while there are legitimate debt relief/settlement companies, there are also many scam operations of fake entities. So, if you're considering settlement of dues, the Consumer Financial Protection Bureau(CFPB) suggests contacting your state attorney general's(AG) office and local consumer protection agency to ask if they have any consumer complaints on file about that company. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
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A.Dear Client,
1. Communication: Talk to your friend and try to understand the situation. Discuss the repayment options and ask if they can provide any assistance in repaying the loan.
2. Contact the financial organization: Inform the financial organization about the situation and explain that it was your friend who took the loan and not you. Provide any evidence or documentation you have to support your claim.
3. Lodge a complaint: If your friend refuses to cooperate or denies taking the loan on your behalf, you may need to take further legal action. Depending on your jurisdiction, you may need to file a police complaint or lodge a formal written complaint with the appropriate authorities.
4. Seek legal advice: Consult with a lawyer who specializes in debt and loan matters. They can provide guidance on the specific laws and procedures relevant to your case and help you navigate through the legal process.
5. Protect yourself: Keep all communication and documentation related to the loan. This can be useful as evidence in case of a legal dispute or investigation.
Remember, this advice is of a general nature and may not be applicable to your specific situation.
Thank you.
1. Communication: Talk to your friend and try to understand the situation. Discuss the repayment options and ask if they can provide any assistance in repaying the loan.
2. Contact the financial organization: Inform the financial organization about the situation and explain that it was your friend who took the loan and not you. Provide any evidence or documentation you have to support your claim.
3. Lodge a complaint: If your friend refuses to cooperate or denies taking the loan on your behalf, you may need to take further legal action. Depending on your jurisdiction, you may need to file a police complaint or lodge a formal written complaint with the appropriate authorities.
4. Seek legal advice: Consult with a lawyer who specializes in debt and loan matters. They can provide guidance on the specific laws and procedures relevant to your case and help you navigate through the legal process.
5. Protect yourself: Keep all communication and documentation related to the loan. This can be useful as evidence in case of a legal dispute or investigation.
Remember, this advice is of a general nature and may not be applicable to your specific situation.
Thank you.
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A.Dear Client
First of all you should not have allowed your friend to take loan in your name as what he has done is absolutely wrong and illegal. You will have to ask him to repay else there will be trouble for both of you.
In case you wish to go legal against your friend or the loan giving company then you can as by giving loan in wring name even the company has committed mistake
First of all you should not have allowed your friend to take loan in your name as what he has done is absolutely wrong and illegal. You will have to ask him to repay else there will be trouble for both of you.
In case you wish to go legal against your friend or the loan giving company then you can as by giving loan in wring name even the company has committed mistake
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