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Dear Client,
A borrower of a loan is held personally liable for his or her debt for non-payment of the outstanding amount of the loan, and legally, there is no escape route to get rid of that liability even on the ground of your jail custody. In the given scenario, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank/NBFC, cre

Dear Sir,

File a civil suit for recovery
You can file a summary suit under Order 37 CPC or a regular money recovery suit in a Bangalore civil court for the amount of the lease deposit plus interest.

Attach a copy of the lease agreement, proof of payment, and the bank’s eviction/auction notice.

Consider a police complaint (if cheating is involved)
If the owner took your deposit knowing the bank would soon seize the property, you may file a complaint under Section 420 IPC (cheating) and Secti

Dear Client,
A borrower of a loan is held personally liable for his or her debt for non-payment of the outstanding amount of the loan, and legally, there is no escape route to get rid of that liability. In the given scenario, you may negotiate or settle your dues against loans by following the steps like lowering your interest rate, arranging for a reduced interest rate is one of the most common requests a defaulter borrower can make to the Bank/NBFC, creating or restructuring a repayment plan

Dear Sir,
Here is a draft legal complaint / consumer grievance you can use to initiate action against mPokket for refusing to correct your credit report after repayment of the loan:

Subject: Request for Goodwill Adjustment and Rectification of Credit Report – Loan Repaid in Full

Respected Sir/Madam,

I am writing to formally raise a grievance regarding the loan I had taken from your app, mPokket. I am a student residing in Chitradurga, Karnataka. Due to a medical condition caused by a seriou

Dear Client,
As per the RBI Guidelines, Banks/NBFC/FI are advised to ensure that the contracts with the recovery agents do not induce the adoption of uncivilized, unlawful, and questionable behavior or recovery process. In the context, reference is invited to (a) Circular DBOD.Leg. No. BC.104/ 09.07.007 /2002-03 dated May 5, 2003, regarding Guidelines on Fair Practices Code for Lenders (b) Circular DBOD.No.BP. 40/ 21.04.158/ 2006-07 dated November 3, 2006, regarding outsourcing of financial ser

Dear Client,
Section 19 of the DRT Act enables a bank/NBFC or a financial institution to recover any debt from any person by making an application under the aforesaid section before the Debt Recovery Tribunal(DRT) having jurisdiction. A secured creditor may also simultaneously pursue its remedies under the SARFAESI Act 2002 as well as the DRT. Sub-section (3A) of Section 13 of SARFAESI Act 2002 was introduced by way of an amendment in the year 2004 whereby the borrower is allowed to make repres

Dear Client,
As per the RBI Guidelines, Banks/NBFC/FI are advised to ensure that the contracts with the recovery agents do not induce the adoption of uncivilized, unlawful, and questionable behavior or recovery process. In the context, reference is invited to (a) Circular DBOD.Leg. No. BC.104/ 09.07.007 /2002-03 dated May 5, 2003, regarding Guidelines on Fair Practices Code for Lenders (b) Circular DBOD.No.BP. 40/ 21.04.158/ 2006-07 dated November 3, 2006, regarding outsourcing of financial ser

Dear Client,
Chit Funds are registered by State Governments under the Chit Funds Act, 1982 administered by the Ministry of Finance but with responsibilities of implementation resting with the States. Unless a chit-fund business is registered following the provision of the Chit Funds Act, 1982 and the Companies Act, 2013 and the rules made thereunder, one can not start or run a business of chit-fund. All the Guarantors are equally liable for repayment of the debt of the principal Borrower and if

Dear Sir,
Know Your Legal Rights
Recovery agents cannot harass, abuse, or threaten you or your relatives.

They cannot visit your house without prior permission or make threats.

You are not legally obligated to share your current address if it risks your peace and safety.

Your relatives are not liable for your credit card debt.

As per RBI guidelines:

Agents must not intimidate or contact family/friends without your consent.

All recovery should be civil, without threat

Dear Sir,

When you settle a loan, it means you've paid a reduced amount compared to the full outstanding balance. Lenders report this to credit bureaus (like CIBIL in India) as "settled" rather than "paid in full" or "closed." This is a negative mark on your credit report and will significantly lower your credit score. The impact can be substantial, potentially dropping your score by 75-150 points or more.