Debt settlement
Debt settlement
I have taken 2 lakh 20 thousand from our acquantance more than 3 years back and I am paying Rs.10800 as interest every monyth, for more than 3 years. I have paid about 5lakhs as just interest. Need le
4 days ago
A. Dear Client,
Hope this reply answers your query. Firstly, you can try having a negotiation with your money-lender regarding your existing financial situation and ask him to reduce the interest rate. Other way is you can approach a bank and take loan to clear the current debt.
Vidhikarya
credit card bank recovery agency asking for payment after 18 years
Can bank or recovery agency pursue a credit card payment which was due, after 18 years? my father has received a Lok Adalat notice to appear for court for a non payment of credit card which he took 18
5 days ago
A. Dear Client,
Once a debt becomes time-barred, creditors or debt collectors can no longer sue the debtor to enforce repayment unless there is a continued cause of action. The limitation period for debt recovery in India is typically three years from the date the cause of action arises, that is the date when a loan is declared bad loan or NPA. However, different types of debts may have different limitation periods and the statute of limitations varies by state and type of debt. Section 19 of the ...ReadMore
Vidhikarya
Promissory Note and Cheque Bounce Case in Chennai
Hello, I seek legal advice regarding a debt recovery matter in Chennai. On 25th July 2020, I had lent ₹60,00,000 by cash to two individuals through a promissory note, with repayment due on 1 Octob
1 week ago
A. Dear Client,
A promissory note is a tool made in writing way with an open contract to pay a specific fund of the amount to a specific person or the agency's bearer and marked by its creator. Section 13 of the Negotiable Instruments Act, 2000 defines a “negotiable instrument” as a promissory note, bill of exchange or cheque payable either to order or to bearer. Section 13 of the Negotiable Instruments Act, 1881 defines a “negotiable instrument” as a promissory note, bill of exchange or ch ...ReadMore
Vidhikarya
Personal loan
Dear Sir, I had borrowed a small loan in 2022 from a mobile aap based company of Rs 27500 which I had repaid late by 25/30 days of its due date. But the company have started sending me legal notices
1 week ago
A. Dear Client,
The rules issued by the RBI regarding debt collection are of importance to a range of players within the financial system. Regarding the borrowers protection, during the debt collection process, borrowers are shielded from unfair practices and harassment by a framework provided by the rules. At first contact the lender and request them to have a settlement. If you see that the lender is a registered Non-Banking Financial Company or comes under the purview of the RBI, you can file a ...ReadMore
Vidhikarya
Vidhikarya
Arbitration notice sbi credit card
I have received arbitration notice for sbi credit card how can I reply to that notice If anyone can help me regarding this pls tell me with your fees
3 weeks ago
A. Dear Client,
Arbitration is often advocated as a faster and less expensive alternative to litigation with the additional benefit of resulting in a final and binding award that is not subject to appeal and the grounds for challenging an arbitration award in the court after the arbitration concludes are narrow and rarely successful. Usually, a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the credit card or personal loan agreeme ...ReadMore
Vidhikarya
Scam - Grandfather was in association with a person
My grand father was in association with a person . He was talkin to the man for a year after talking to that person that person convinced him and his friend to give him money .Today they were to meet
3 weeks ago
A. Dear Client,
In the absence of any written agreement, or any other document like a promissory note, security cheque etc. supporting your claim, no legal remedy to recover the money from the person is feasible even through litigation. However, you can serve a legal notice to the person which may or may not work.
Vidhikarya
Moneylending and blackmailing
My father has taken 4.5 lakh from a man and has given him 14 lakh online. (interest) As he was still threatening us to file a case against on our blank cheques so we filed an FIR against him and then
1 month ago
A. Dear Client,
If any person or a group of persons is involved in trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, then he/they may be booked under the Prevention of Money Laundering Act, 2002 (PMLA) which was enacted to fight against the criminal offense of legalizing the income/profits from an illegal source, once reported to the vigilance cell. The Prevention of Money Laundering Act, 2002 enables ...ReadMore
Vidhikarya
Not to be transacted
Can a bank approach the RTO of a car it had financed, for having such car blacklisted as "not to be transacted", in case the loan availed on such car's purchase by the bank's customer is still not com
2 months ago
A. Dear Client,
With regards to the rights of the bank and approach to RTO, you have taken loan on a car’s purchase and the hold holds a legal right over the vehicle and the entry is made in the certificate of registration . In case of failure of repayment of loan, the bank might enforce its rights over the vehicle. Section 51(5) of Motor Vehicles Act lays down the right of financier (here bank) to ensure the vehicle is not transferred, sold or clear hypothecation before clearing the due payment. ...ReadMore
Vidhikarya
Recovery of Money Lend
Dear Lawyer Ji: 4 months back I gave INR 4 lakhs to one of my known person out of station who is a stock market trader to invest in the market on my behalf in his portfolio. I had paytm receipts for t
2 months ago
A. Dear Client,
You can file a legal complaint against the individual for recovery of the amount you invested. Under Indian law, you can file a suit for recovery of money based on the Paytm receipts and any other communications you had with the person regarding the investment. Given that the person resides in Delhi and you are in Kolkata, you can file the case in Kolkata if any part of the transaction occurred there. You may file a civil suit under Order 37 of the Civil Procedure Code, 1908, which ...ReadMore
Vidhikarya
Sarfaesi Act for Leased Property
1. Lessor has purchased the flat using finance from Bank 2. I leased the property from the Lessor/flat owner 3. Flat owner is defaulting EMI dues to BANK 4. Bank is proceeding with Sarfaesi proceeding
2 months ago
A. Dear Client,
A mortgaged property cannot be a subject matter of any contract or transaction until and unless the mortgagee(Bank) issues an NOC or Release Deed to the Mortgagor(Lessor). Mortgagee(Bank) has the first charge on the property. So, the charge created subsequently by the lessor would be vitiated being void and infractuous, once the Bank initiated the recovery proceeding before the DRT under the Sarfaesi Act. Based on a lease agreement that is void ab initio, even if it is a registered ...ReadMore
Vidhikarya
