I am a Women Entreprenuer taken Loan for my Industry under stand Up India CGTMSE Scheme..upon irregular Payments of the Loan , the Bank filed a case in DRT claiming on my Personal Property without mak ...
Dear client,
Under the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) framework and the Stand Up India Scheme, loans covered under CGTMSE are generally intended to be collateral-free up to the permissible limit, subject to the terms of sanction and guarantee coverage. If the bank has initiated proceedings before the Debt Recovery Tribunal directly against your personal property without first proceeding against the secured/business assets or invoking the CGTMSE guarantee me
I have lended 1 lakh rupees with stamp paper and and 2 blank signed chaques for six months on 2 % per month intrest ...what can I do if he do nit repay in time
Dear Client,
If the borrower fails to repay the amount within the agreed time, you may first present the signed cheque for encashment. If the cheque is dishonoured, you may initiate legal action under the Negotiable Instruments Act, 1881 after issuing the required legal notice.
Additionally, the agreement executed on stamp paper can be used as evidence of the loan transaction. You may also send a legal notice demanding repayment of the principal and agreed interest, and if payment is still not
Other Responses
I had borrowed loan from m pocket in 10 multiple accounts and I want to settle it minimum amount
Dear Client,
If the lender is not agreeing to a reasonable settlement, you may send a legal notice requesting them to consider a one-time settlement for a reduced amount and to stop charging excessive interest or penalties. The notice should mention the loan details, your financial hardship, and your willingness to settle the matter amicably.
If the lender continues to demand an unreasonable amount or engages in harassment, you may consider filing a complaint before the appropriate authority or
Can a partnership firm apply for a money lending license under The Assam money lenders Act
Dear Client,
Yes, a partnership firm can apply for and obtain a money-lending licence in Assam under the Assam Money Lenders Act, 1934, provided it is duly constituted and registered and intends to carry on the business of money-lending as a regular commercial activity.
The Act requires every “person” carrying on or intending to carry on money-lending to obtain registration and a valid licence from the prescribed authority, and this requirement applies equally to partnership firms; lendin
Other Responses
I haven't payed my loan in simpl pay because of my personal issues and family problems and I'm already suffering from insomnia and loneliness
Dear Client,
A borrower of loans is held personally liable for his or her debts for non-payment of the outstanding amount of the loans, 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
My name is Shakshi Roy and I live in kolkata. I am sending you this message to ask for advice. I live alone with my mother and my brother lives out of town. During pandemic my mother took a personal l ...
Dear Client,
Any individual/organization engaged in a money lending business must hold a license from the appropriate authority, such as the RBI or the State Legislature. A money lending license is usually granted by the Revenue Department of the respective state government in compliance with the provisions of the Money Lenders Act and the state-specific rules. If any person or a group of persons is involved in trading of money lending or any other financial transaction without any license or p
I have taken loan that have interest rate of 1 percent percent dya which is too much extremely high and which I am unable to pay from 1 month mostly from the week getting too much harrasment calls
Dear Client,
Your query lacks information and transparency to address it properly. From the contents of the query, it is not transpired the source of availing loan, i.e, whether you took the loan from Bank/NBFC/FIs or any private entity or individual which is crucial to access the legal remedies specially when an abnormal and irrational rate of interest is charged on a loan from the borrower which is impermissible and unacceptable under the governing law. However, be informed that in India, mon
Other Responses
I'm stuck with 15 payday loans over a period of 1 year. I'm unable to pay it anymore as interest it self has become double of my salary. I could not pay 7 applications this month and all are threateni ...
Dear Client,
A borrower of loans is held personally liable for his or her debts for non-payment of the outstanding amount of the loans, 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
I took chit fund amount of Rs 350000/ out of 5 lakh and I have already paid 3.75 lakh but last 3 month I have not paid the chit amount of Rs 70000/ so chit company is send the mail to our company with ...
Dear Sir,
The fact that you have a legal notice attached to the email means they are escalating the matter. Your first step should be to directly contact the chit fund company to understand the terms of their legal notice and the amount they claim is due. Do not ignore this communication.
Here's a breakdown of what you can do:
Review the Legal Notice: Read the legal notice carefully. It should state the outstanding amount, the deadline for payment, and the legal action they intend to take if
I government employee gave surity as no 5 but no4 gave the land through mortgage .He didnot pay the money then sriram chit directly give court notice for salary attachment .He didnot touch the mortg ...
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. 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/Chit fund company takes steps for recovery of debts from the Guarantor/surety, attaching the security offered by t
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