Loan related
3 months ago
Hello.my question hai one of my frnd took emi loan in my name to treat his mother during cancer and he promised me to pay all the money but somehow he managed to pay only the lumsum amount and afterwards since past 2 yrs he didnt paid the loan amount.i had to pay the amount also i have faced many problems and till now facing it.i just want my frnd to pay me my money.i also have all the call and msg proof dat he has took my money.what action i can take against him ?
A.Dear Client,
If your friend borrowed money using your name and hasn't repaid the loan despite promises to do so, you can take several actions to recover your money. Start by documenting all the evidence you have, including call records, messages, and any written agreements or acknowledgments.
1.Communication:Send your friend a formal written communication, reminding him of the outstanding debt and requesting repayment. Clearly mention the amount owed, the terms of repayment, and a reasonable deadline.
2.Legal Notice: If your friend doesn't respond, you can send a legal notice through an attorney. The notice should outline the details of the loan, the amount due, and the consequences if repayment is not made within a specified period.
3.Mediation:You may explore mediation as an alternative dispute resolution method. A neutral third party can help facilitate a discussion between you and your friend to reach a mutually agreeable solution.
4.Small Claims Court:Depending on the amount owed, you can consider filing a case in the Small Claims Court. It is designed for resolving disputes involving relatively small amounts without the need for extensive legal procedures.
5.Police Complaint:If you believe your friend's actions amount to fraud or criminal wrongdoing, you may consider filing a police complaint. However, be sure to consult with legal advice before pursuing this route.
6.Debt Recovery Tribunal (DRT):If the debt is substantial, you may approach the Debt Recovery Tribunal for a recovery suit.
Before taking any legal action, it's advisable to consult with a lawyer who can guide you on the best course of action based on the specific details of your case. They can help you understand the legal options available and the most effective way to pursue the recovery of your money.
Thankyou
If your friend borrowed money using your name and hasn't repaid the loan despite promises to do so, you can take several actions to recover your money. Start by documenting all the evidence you have, including call records, messages, and any written agreements or acknowledgments.
1.Communication:Send your friend a formal written communication, reminding him of the outstanding debt and requesting repayment. Clearly mention the amount owed, the terms of repayment, and a reasonable deadline.
2.Legal Notice: If your friend doesn't respond, you can send a legal notice through an attorney. The notice should outline the details of the loan, the amount due, and the consequences if repayment is not made within a specified period.
3.Mediation:You may explore mediation as an alternative dispute resolution method. A neutral third party can help facilitate a discussion between you and your friend to reach a mutually agreeable solution.
4.Small Claims Court:Depending on the amount owed, you can consider filing a case in the Small Claims Court. It is designed for resolving disputes involving relatively small amounts without the need for extensive legal procedures.
5.Police Complaint:If you believe your friend's actions amount to fraud or criminal wrongdoing, you may consider filing a police complaint. However, be sure to consult with legal advice before pursuing this route.
6.Debt Recovery Tribunal (DRT):If the debt is substantial, you may approach the Debt Recovery Tribunal for a recovery suit.
Before taking any legal action, it's advisable to consult with a lawyer who can guide you on the best course of action based on the specific details of your case. They can help you understand the legal options available and the most effective way to pursue the recovery of your money.
Thankyou
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A.Dear Client,
A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installments, The Bank initiates a routine course of action for recovery of the loan from the borrower marking the loan as a bad loan/NPA. 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 loan for any reason whatsoever. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time to explain your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. Further, a quick counseling session with a certified credit counselor can help you to discover your options and choose the right path forward.
A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 installments, The Bank initiates a routine course of action for recovery of the loan from the borrower marking the loan as a bad loan/NPA. 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 loan for any reason whatsoever. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of collateral security for both the borrower and guarantor for recovery of the loan. you may make a prayer before the Court for granting some more time to explain your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL Record and other legal consequences. 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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