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Hi my name is rohan, i was working in a startup. Company is not paying my full and final settlement Salary payment of last 7 month. I have all the nessaary documents like reliving letter offer letter experience letter. ID card mail offer etc. Now what should i do , should i sue the founder and director or what next process should i follow please guide me. Thanks

A. Send the comapny a legal notice under Companies Act,
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I am being unable to make the payment due to I have lost the job and they threatening me to make the payment if not they will come with the police to arrest and jail me.

A. Dear Sir,
The financiers and bank people cannot force you like that and it being a civil transaction they have to go to Civil Court and cannot go to police station.
=======================================================================================
ICCI Bank Limited vs. Prakash Kaur case,

The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.

"We deem it appr ...ReadMore
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Dear Sir/Madam/Friends, I am staying in Bangalore with my family (Wife and 9 years Daughter). Herewith i am sharing my actual situation which i have created by doing some mistakes in my life. But i want to rectify my mistakes which i did and want to make my and family life safe and secure. My age is 38 years. I came to bangalore in 2010 alone and got a small job. after that i changed my job after 6 months. then i got another job offer in 2013 with good salary and i joined that job which was running till Jan 2019. Before coming to Bangalore in 2010 i was staying in my native place where i was running my own consultancy of accounts management. due to interested in doing business i took some hand loans and started doing business in native place. But lenders have cheated and done fraud with me by asking so much of interest amount and due that reason i fall in debt of around 10 lakhs so i left my native place and came to bangalore in 2010. As my nature was very crazy and trying to do something very fast always. I made a mistakes in my company where i was working as an chief accountant and i was getting good salary also. But i made a mistakes by taking more salary from company's account instead of my original salary. Lastly i understood that what i am doing that very wrong and i need to stop doing this wrong activities but before that company people have filed a complain to police station and arrested me. So as i have decided to stop my fraudulent activities i accepted my offence and surrender myself to the police. As company owner was good and i requested him to take amount which i can arrange towards my fraud and allow me to stay out without going for further legal action like FIR or court case. So finally he has accepted and i paid some 18.5 lakhs and settled complain against me. As i have paid 18.5 lakhs to the company owner from my credit cards, personal loans, NBFC loans and taking some money from hand loan lenders against cheque. I sold some gold, car and all. Finally i got relaxation from that complain and all problems solved with that company in Jan 2019. Now, as i told you that i have paid my compensation amount against my complain from my creditcards, gold, car and handloans that banks and ledgers are harassing me like anything. From Jan2019 to Sept 2019 i paid my monthly EMIs and Credit card minimum payment and Interest amount to the hand loan lenders by adjusting some how. But from this month of October 2019 I don't have amount and no such income source to repay my loans. After doing above settlement i thought let me start my life again and let me start some business so i can repay my all loans. So i requested that hand loan lender to give some 10 lakhs to start business and to pay some of my loans EMI which was pending from last 4 months. So now where i have invest my amount around 5 lakhs that people have cheated me and informed me that your amount have been lost and now there is no balance with us. So finally now i have around 35 lakhs of debt as on today. Now, as i have decided that not to do any wrong activities i have started my own small business which will take some time to develop and i know to achieve my goal to repay my loans will take around 4 years of time from this business. I am not doing any wrong activities and wrong decision to survive. I am doing my level best to generate income so i can repay my debt as earliest. According to my current situation, I don't have money to repay my pending EMIs and atleast minimum payment to credit cards and interest amount to the handloan lender. So i thought about these issues and found some two solutions to solved this issues. I need your help to decide one option out of below. So please advise what to do. Option No. 1 - Let me face to lenders and banks to ask some time gap without charging any more interest or penalties. So i can do and develop my business withing some time and start repaying my loans. After talking with banks and lenders they rejected my request for time gap or restructuring my loans and they informed me to pay and clear the loans immediately otherwise they will take legal actions and file suit against me. So in this situation what i have to do please advise whether I have to face all the legal action from the banks and lenders and surrender to them and go to the Jail imprisonment punishment or what can be done by the lenders in worst case for non payment of my dues. Option No. 2 - I will send my wife and daughter to her father home for safety purpose for 1 or 2 years and i will hide my self to generate income from my business and to make myself capable to repay my loans. In this time period i will be staying in some PG or somewhere else where no body can identify me and find me. Option No. 3 - I will shift from bangalore to some other city alongwith my family. I will totally disconnect my all mobile numbers and using my documents due to which i will be traced by banks and lenders or police. i will generate funds by earning from business in that city and save 38.5 lakhs to repay my loans. after making balance i will contact to the lenders and bank and repay my full loans in one shot. But it will take at least 5 years to generate this much of funds for repayment. As i have told everything about my life. I want to change my life with good things only. I don't want to do any wrong activity and don't have any intention for not paying my loans also. I feel that I have taken loans and that is my responsibility to pay it back. I came to know meaning of truth of real life and what is our duty towards our family. I am totally changed now and thinking about to take decision out of above three options. I don't have any intention for doing any fraud to anyone now but need some time to recreate my capacity to repay and i know i can do it if i will get some time for 4 years. I have that much of potential that to generate funds but only thing is need time to generate it. I have written everything. Now i need your support and help to decide what option i have to select. Please advise me as earliest so i can take decision soon and atleast i can save my family who is not a part of my mistakes which i did. So request you all to help me to decide. So at least i can save my family. I am now worried about what will happen to me but worried about my family only. Please advise as earliest. Thanks in advance....

A. Dear Sir,
The description given by you is so lengthy, please make it short and re-submit, as experts have no time to spare as this is free and charity work.
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My fathers friend took loan by giving our property in bank now he is a defaulter and bank wants possession .. But the tax is being paid by other siblings of my father so is their any hope i can save my house

A. Dear Sir,
Please hire an experienced civil advocate to postpone the eventualities but you cannot avoid repayment of loan either through your property or by the original borrower.

Please have PAID phone call with me through VIDHIKARYA and get more guidance.
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Dear Experts, Kindly suggest a way out on my family issue which may land me in legal trouble in future if I do not do anything now. My father who is 61 years of age and is a heart patient, has taken a loan of approx 40 lakhs in past 10 years and suffered huge losses in the family run small shop where my father and his brother (my Chacha) is a co-business owner. The loans are either taken from individual persons or from private financers on very high rate of interest varying from 4% to 8 % monthly (not annually) and my father himself has provided all the guarantee and blank cheques to the financers. All his earnings are now going only in repayment of interests and the actual principle amount is getting increased day by day. Now due to family dispute my chacha is asking him to have the shop and business division which wud bring all the unsecured loan on my father's shoulder. In case of any mis happening the repayment will come on the kids of the loan taker. Kindly suggest a legal way out to overcome the issue so that the loan repayment do not come on the kids Thanks and regards

A. File for an injunction.
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Anonymous

Posted 3 months ago

Dear Sir/Madam, I have taken personal loan from a private bank in 2017 , I lost my job in 2018 June still i tried to clear all my emis even when I was in financial crises but sir I invested all my savings now i don't have option because recently I got employment but same I ay pay emis for next 6 Months because it's on contract basis hence i request you to suggest me what should I do. I need free suggestion

A. Dear Sir,
You may ask them to approach Civil Court. It being a civil matter they cannot force you to pay the same immediately.
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I am having loan outstanding and Credit Card outstanding. A year back I had to leave job due to sickness. Still I was paying my loans and credit card using my personal. For the past 4 months I am unable to pay and hence faced calls from lenders and house visits. Now I have recovered from my sickness and looking for jobs. What I have taken from the banks I want to pay back but I need time, if I mail them they bluntly says they don't holiday period. So I consulted a lawyer he said we can file a case saying that 1. Not to disturb me for certain period and I will pay them after that. My questions is there a law which will give me time and also relief from the house visit executives. If so how much time will I get. What happens to the Interest? Will it shoot to a HUGE AMOUNT for the time I get to pay or start repayment. My intention is not to cheat, what I owe I will repay at any cost. For that I have to earn and have a peace of mind to earn it and pay them back.

A. Talk to the bank authorities and convince them.
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Rameshwar  Dadhe
Rameshwar Dadhe Experience: 2 Year(s) Aurangabad
J S  Pawar
J S Pawar Experience: 3 Year(s) Mumbai
J S  Pawar
J S Pawar Experience: 3 Year(s) Mumbai
ask_a_question

Juhi Pandey

Posted 3 months ago

I have started business and have taken so many loan from different different financial institution and have 4 credited cards on which we have overall 30 lacs .Due to business losses I shud my business .i do not have any penny to pay I sold out my car and asset of business I do not have anything to pay I started working but salary I was get in only sufficient to bear my day to day expense. Pls advice.

A. Job or salary is not coming to ur rescue. Only u can survive on it but business problems not going to b solved entirely. Start some other business legally n explore some Govt or Banking helps/subsidies etc. Regular flow n expense of money would give u way out from present crisis. For further n additional advice plz call or sms on 9867368378 or 9221459697. This is ex Army person Advocate JS Pawar practising in High Court Mumbai. Advice without prejudice n to b taken in one's own feasibility....
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hi, one of my friend has taken a loan from a private money lender, there is a amount of 60000 left to be paid now that person is charging ten percent of interest and made this amount around one lakh fifty thousand as my friend has not paid interest from last eight months now this lender is sending guys to my frnd residence and throwing abusive language as well as sending him text that he would kill my friend as and where he will se him, he brought twenty around guys with him made a lot of noise and voilence ib front of his house, my friend has left his house and out of delhi bevause of thi money lender, plz suggest what should he do in this case, my friend has no income source and he has become defaultet also he is going a through a big financial crisis. plz help

A. Lodge a police complaint immediately.
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Anonymous

Posted 4 months ago

I and my husband are jobless since March, during this tenure we did settlement of our loans. Even after being jobless we were paying, but now unable to pay. These people are harassing over the phone and they cone to our place and harass us. We are not denying to pay, but currently we are not having money to pay them. Kindly advice

A. You should do the following things

1. Write a police complaint and complain about such harassing agents.
2. Write a letter to the bank and also send a copy of the same top the RBI [Attach the Police complaint with this]
3. If the bank does not take any step, you can further move the banking ombudsman by way of a written complain and send a copy of the same to the bank and also RBI.
Thanks
Adv. Shreyash Mohta
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