Information about insolvency petition
Information about insolvency petition
Hi sir/madam, I am working as a software employee in MNC company. I took loan from 30 lacs from various banks and other loan apps. Due to some reasons I lost all the money in share market. I have paid
7 months ago
A. Dear client,
In the prevailing situation, you may file a petition for bankruptcy under the Provincial Insolvency Act, of 1920, if you are unable to repay a debt/losn greater than ₹500. After analyzing whether the conditions for filing for a bankruptcy petition have been met, the court may accept or reject the application. Until the decision on the application is taken, an interim receiver takes possession of the property of the debtor/borrower. If the application is admitted, the court can a ...ReadMore
IARC sending legal notice to wrong person
I have purchased JIO sim in June 2023. Now I am receiving legal notice SMS from IARC regarding two wheeler loan default. The notice is named for someone else (probably previous owner in 2022) of this
7 months ago
A. Dear client,
If you receive legal notice in your name, then you are supposed to worry about that and write a reply for that. Here, since it is not in your name, you need not worry about that. But do cross examine and check the deatils about that, so you are not held responsible for that in future.
Declare Bankruptcy
I took a personal loan and used credit cards a few years ago to cover medical expenses for my parents. Now, I find myself in a situation where I can't afford to pay the loan EMI and credit card bills.
7 months ago
A. Dear Client,
Bankruptcy law exists to help people who have taken on an unmanageable amount of debt, often as a result of large medical bills or other unexpected expenses. But it isn’t a simple process and it has negative consequences for your long-term finances. Before filing for bankruptcy, explore all your alternatives and be prepared for the negative consequences. If you decide that bankruptcy is your only viable option, remember that your credit will take a hit for many years. Bankruptcy c ...ReadMore
Guaranteer property e auction sold out.
As an Guaranteer of brother loan 8cr. from indian bank. My property also attached. In e action they sold my property nearly 3cr. It worth more then that. Is it possible get my property back by paying
7 months ago
A. Dear Client,
you are already late opting for any remedy to get back your auctioned property. A remedy to get back your property was available before the auction under SRFASI Act, 2002. Section 13(3A) of said Act, primarily lays down that any security interest created in favour of a secured creditor is enforceable without the intervention of any court or tribunal. As per sub-section (2) a creditor is required to issue a notice in writing to the borrower to discharge his liability within sixty da ...ReadMore
Bank returned my auction sale deposits without interstate after 1 month
I had participated a DRT auction and had paid my full amount of the sale letter to the bank as mentioned. Now due to some miscommunication issues with Bank and DRT officer , the DRT had cancelled the
7 months ago
A. Dear Client,
In the absence of any specific stipulation in the sale letter specifying that on cancellation of the auction sale by DRT, the Bank will return/refund the bid money with interest to the Auction Bidder/Purchaser within the specified period and failing which Bank shall pay interest for delay in processing the refundable bid money to the Bidder, your claim for interest on the bid money deposited by you against auction sale that refunded after a month by the Bank without interest is not ...ReadMore
Willful difficult
i have taken a personal loan and use credit cards for medical issue with my parents few years back now i am not in a position that i can payback loan EMI and Credit Card bills my current salary is 40
7 months ago
A. Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by the Bank as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, the Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the ...ReadMore
Deceased fathers private debt
My father had borrowed money from a certain individual in lieu of starting a business over the course of a few years in installments. He passed away recently with debt unpaid and with no business or p
7 months ago
A. Dear client,
If a parent dies, their debt doesn't necessarily transfer to their surviving spouse or children. The person's estate—the property they owned—is responsible for their remaining debt.
Recovery agent visit to address
I have not taken any loan but still the recover agent has visited my address and is claiming that I have taken loan and calling husband. I don't have my current residential address in any of the docum
7 months ago
A. Dear Client,
When you did not avail of any loan from any Bank or NBFC, then how the recovery agents visited your residence and threaten you for repayment of the outstanding loan? Undoubtedly it appears that either for lack of information or communication, recovery agents might have visited your residence. So in the prevailing situation, you need to contact the concerned Bank whose recovery agents visited your residence for the collection of dues and gather detailed information. Both Supreme Cour ...ReadMore
Ecs Nach bounce
Sir I have multiple unsecure loan . Now I have no money due to my wife admit in hospital and after 22 days she died. I lost my all savings and job. Now I have no job and not any income. What can nbfc
7 months ago
A. Dear Client,
Once the EMI against a loan is not repaid for consecutive 3 times by the borrower for any reason whatsoever, it is treated by Bank as NPA. Accordingly, Bank sends notice to Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, Bank started the routine process of action prescribed under relevant laws for recovery of debt lying outstanding against the Borrower and the Guarantor. You c ...ReadMore
Not able to pay Loan
I have taken loan for my business (share market), But unfortunately, I have lost all my money and now not in a condition to repay any loan. I am currently working as salaried person getting Rs 65800 a
8 months ago
A. Dear client,
You may write an application to the concerned bank asking dues settlement, explaining why you are unable to repay your outstanding dues owed on the loans. Also, mention that you'd like to look into different repayment options. Specify the amount you are willing to pay as well as what you want in return from the creditor Bank. A solid beginning point for negotiating is to offer roughly 30% of what you owe. Furthermore, a brief counselling session with a professional credit counsellor ...ReadMore
