I got a legal notice from an unknown person asking me to settle 10 lakhs reportedly due from my single brother who died recently, saying a cheque given to the person by my brother has been dishonoured ...
Dear Client,
First, ensure the authenticity and veracity of the legal notice received from the unknown person. Be informed that in the case of the issuance of cheques from joint accounts, only the person who signs the cheque can be prosecuted in a cheque-bouncing case under Section 138 of the Negotiable Instruments Act. When an individual signs a cheque drawn on their account to settle a debt or obligation, and the bank subsequently dishonors the cheque, it constitutes an offense under Section 1
Gave Suriye for the loan taken on site for one my friend. Now he is absconded. But here bank manager involved with him in this loan fraud in co operative bank. 2 loan he has provided to him more than ...
Dear Client,
A Guarantor/Surety is equally liable for repayment of the debt of the principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes steps for recovery of debts from the Guarantor attaching the security offered by the guarantor against the loan. Even in the absence of a borrower or guarantor his or her surviving legal heirs are held liable to write off the debt from the asset or property they inherited from the deceased borr
Good Evening Sir, I am taken Personal loan 20 Laks for 5 years Starting form April 2019 -EMI nearly paying 62,000. I am opted for 6 months moratorium due to covid 19. Now, Banks are rescheduling my ...
Dear Client,
Under the COVID-19- regulatory package, RBI has permitted the Bank to grant a moratorium of three months to all the accounts that are standard assets as of 01.03.2020 and for which installments are falling due between March 1, 2020, and May 31, 2020, which was thereafter extended to 31st August 2020. The scheme will be uniformly applicable to all standard-term loans outstanding as of March 1, 2020. Interest shall continue to accrue on the outstanding portion of the term loans during
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I have taken multiple loans from different agencies like Chinmay, Fibe etc. But now, I am unable to pay the EMI because of high due amount as all are only 3 month EMI
Dear Client,
A person is held personally liable for debt/loan availed of from a financer and legally, there is no escape route to get rid of that liability. Once the repayment of loans stopped, the financier shall take its own course of legal action to recover the debt from the defaulter. Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whether the conditions for
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I have a cc account of limit 10 lakh for my business which has been closed due to a year back but I am continuously giving monthly interest in cc account. Is there any way to close that CC account bec ...
Dear Client,
To fore-close your cash credit account, you have to contact the Branch Manager in advance who would arrange for necessary approvals for the foreclosure of the CCAccount in compliance with the following steps. You have to remit the entire amount of the loan/overdraft lying in the cash credit account on the date of foreclosure. Full and final settlement of the loan will be subject to payment of all charges that have accrued on the date of the pre-payment. So, until and unless you repa
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Credit card payment cannot done for last 1 month in future also not able to pay what shall be down?
Dear Client,
A borrower of a loan or credit card dues is held personally liable for his or her debt for non-payment of the outstanding amount of the loan/credit card. Once the repayment of the loan or credit card dues stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower/credit card holder. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court/DRT, after hearin
Hi, my brother has taken loan from few of his friends of 4 crore, due to loss in his business he is unable to repay the loan. He doesn't have money to pay even his credit card bills and monthly house ...
Dear Client,
Your query suffers from a lack of information. Your brother has taken a private loan of 4 crores from his friends whether based on any agreement, assigning any security cheques or promissory notes or other kinds of securities. Your query does not reflect the basis of availing of the loan, which is very crucial to address your query suitably. Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a de
Should I reply?
Dear Client,
In case, a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the personal loan agreement, before marking a loan as bad loan/NPA, the lender exhausts its course of action as stipulated in the loan agreement and send a Notice under Section 21 of the Arbitration and Conciliation Act, 1996 to the borrower who failed to repay his/her debt to resolve the matter at the pre-litigation stage which is mandatory before referring
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I am in a very difficult situation right now, I do not have a proper job for months, I have explained my financial situation to the collection agents but they refused to pay attention, now I got an ar ...
Dear Client,
In case, a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the personal loan agreement, before marking a loan as bad loan/NPA, the lender exhausts its course of action as stipulated in the loan agreement and send a Notice under Section 21 of the Arbitration and Conciliation Act, 1996 to the borrower who failed to repay his/her debt to resolve the matter at the pre-litigation stage which is mandatory before referring
I have not paid my credit card for the last two years due to no source of income. the bank has sent me a recovery certificate letter through the deputy Tehsildar(Demand notice under section 144 of Mad ...
Dear Client,
A borrower of a loan or credit card dues is held personally liable for his or her debt for non-payment of the outstanding amount of the loan/credit card. Once the repayment of the loan or credit card dues stops or bounces for consecutive 3 installments, the Bank initiates a routine course of action for recovery of the loan from the borrower/credit card holder. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court/DRT, after hearin
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