90,000+ Legal Questions Answered
Finance name change
1 week ago
I will take a loan on Vehicle Finance from one Finance but In my Vehicle Finance name is different and endorsement is not taken form me at a time of Vehicle loan some of my family' issue I don't payment emi at aright time financers taken my Vehicle but they can't give Vehicle seizing letter and Vehicle Finance is running the Last emi is after 3 month's but financers is threatening to sell my Vehicle without my permission and my approval to not pay within one month is there any legal action on fianace
A.Dear Client,
If the finance company has repossessed your vehicle without providing a seizure letter and is threatening to sell it without your consent, they may be in violation of your legal rights. Typically, finance agreements require the lender to provide notice and follow certain procedures before repossessing and selling the vehicle. Additionally, selling the vehicle without your permission could constitute a breach of contract. You should review your finance agreement to understand your rights and obligations. If you believe the finance company has acted unlawfully, you may have grounds to take legal action against them. It's advisable to consult with a lawyer who specializes in consumer rights or finance law to explore your options and determine the best course of action to protect your interests.
If the finance company has repossessed your vehicle without providing a seizure letter and is threatening to sell it without your consent, they may be in violation of your legal rights. Typically, finance agreements require the lender to provide notice and follow certain procedures before repossessing and selling the vehicle. Additionally, selling the vehicle without your permission could constitute a breach of contract. You should review your finance agreement to understand your rights and obligations. If you believe the finance company has acted unlawfully, you may have grounds to take legal action against them. It's advisable to consult with a lawyer who specializes in consumer rights or finance law to explore your options and determine the best course of action to protect your interests.
Helpful
Helpful
Share
A.Dear Client,
A financier cannot take away the secured asset from the borrower who fails to repay his debt without an order from the Court. In the given situation, filing a complaint against the recovery agents of the Bank at the local Police Station, a copy of the said complaint should be sent to the concerned Bank. Further, a complaint against the loan recovery agents appointed by the Bank can be made to the regulatory authority RBI online at https://cms. rbi.org.in. The complaint may also be lodged by filing an offline complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017. In a recent judgment, the Hon'ble Patna High Court in the case of Dhananjay Seth v. Union of India, 2023 SCC OnLine Pat 1393, decided on 19-5-2023 directed the Superintendent of Police of all the districts in the State of Bihar, to ensure that within their jurisdiction no recovery agent of the Bank and Financial Institution might take the law into their hands without an order of the competent court of law. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path to resolve or settle the matter.
A financier cannot take away the secured asset from the borrower who fails to repay his debt without an order from the Court. In the given situation, filing a complaint against the recovery agents of the Bank at the local Police Station, a copy of the said complaint should be sent to the concerned Bank. Further, a complaint against the loan recovery agents appointed by the Bank can be made to the regulatory authority RBI online at https://cms. rbi.org.in. The complaint may also be lodged by filing an offline complaint and submitting the same at the Centralised Receipt and Processing Centre (CRPC) at RBI, 4th Floor, Sector 17, Chandigarh, PIN-160017. In a recent judgment, the Hon'ble Patna High Court in the case of Dhananjay Seth v. Union of India, 2023 SCC OnLine Pat 1393, decided on 19-5-2023 directed the Superintendent of Police of all the districts in the State of Bihar, to ensure that within their jurisdiction no recovery agent of the Bank and Financial Institution might take the law into their hands without an order of the competent court of law. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path to resolve or settle the matter.
Helpful
Helpful
Share
Read Related Answers
Legal Query
Dear sir,
You can do as proposed at your risk. It seems you have perfected the law relating to above matter and if unfortunately anything happens just go to High court and get a stay order on such pro...
Demat account and equity share related
Dear sir,
You may get issue legal notice to give your money/dividend failing which you may go to civil court to get the same.
Nach charges
Dear Client,
You can connect with the bank to know the reason for deduction of NACH charges and solve the matter amicably. But, in case of inaction or unreasonable deductions by the bank, you can file...
Recovery of my fund against Fraud via share market in whatsup group
Dear Client,
send a legal notice to them through an advocate for offence of cheating under sec 416, 420 of IPC. make sure o=to have all evidences in form of proof like receipts, bills etc additionall...
Financial scam related to escort service
Dear Client,
In the given situation, you can file a complaint against the escort agency for deficiency in service and unfair trade practices before the Dist. Consumer Commission under Sec.35 of the C...
Read Blogs on Financial Markets and Services
Financial Markets and Services Lawyers
Find Lawyers by Location
