Loan Default
Loan Default
first i am default with bank where there is a current account with residential society name I am a secretary, can bank freeze that account if I am authorised signatory. secondly, I have credit card of... (Mumbai, Maharashtra)
1 week ago
A. Dear Sir,
The bankers cannot have access to the Salary account of your brother. You may ask your brother to approach higher bank officers or directly file a writ petition before High Court.
Loan settlement process
I took loan from navi, priamal and finnable. Right now due to circumstances i am unable to pay my loan and i want to settle the loan. I contacted them but they denied. What steps i should take?... (West Delhi, Delhi)
1 week ago
A. Dear Client,
A person is personally liable for debt availed of from a financer and legally, there is no escape route to get rid of that liability. The financier shall take its own course of legal action to recover the debt from the defaulted borrower once a loan is marked as a bad loan/NPA. You can try to negotiate a debt settlement on your own (under OTS- One-time settlement scheme) if your pocket permits, but sometimes it's typically done through third parties like debt relief companies, whic ...ReadMore
Bike seized by finance company
Hello sir, I purchased a royal enfield bike in 2022.financed from cholamandalam.asset cost was 198005. Financed amount was 172253 with 36 months tenure.My emi payment was almost in cash because the gi... (Patna, Bihar)
1 week ago
A. Dear client
When you say that out of 36 EMI, you have already paid 22 EMI, then it means that the substantial amount has been paid for the loan. It might be that you have failed to pay one or 2 EMI, but that will not make the outstanding as 1,30,000. You should ask for the loan account statement and try to reconcile what you have paid and what you’re supposed to pay, and then accordingly negotiate with them.
Loan settlement
I have 205000 due for personal loan, bank is asking for 110000 settlement but I don't have that much I can do it for 60000 maximum is that possible?... (Bangalore, Karnataka)
2 weeks ago
A. Dear client,
Legal Notice:
You can send a legal notice to the bank, outlining your financial situation and your proposal for a settlement. This formal communication can sometimes prompt the bank to reconsider their position.
One-Time Settlement (OTS):
Consider opting for a one-time settlement (OTS). This is a formal arrangement where you can negotiate a lump-sum payment that is less than the total owed, which might be more feasible for you.
Approach Lok Adalat:
If there are any legal cases lo ...ReadMore
Illegal Money lending harrasement
I had taken loan of 8 lakhs at 9% interest rate and 4.5% compounding rate if not paid monthly on time. The loan was taken from friend through bank to bank transfer. The amount was transferred to me fr... (Mumbai City, Maharashtra)
1 month ago
A. Dear Client,
When you did not avail of the loan without observing legal procedure, you have no legal remedy to resolve the issue legally. Instead, if you litigate the matter, you both will be booked for violation of the provision of the Prevention of Money Laundering Act(PMLA), 2002 because trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, is an offense under the said Act which was enacted to fight ...ReadMore
Vidhikarya
Absconding with money
My office colleague took loan from me & other employees personally and absconded.I have done all transactions online and have whatsapp chat.How can we proceed legally.... (Ahmedabad, Gujarat)
1 month ago
A. Dear client,
In the absence of an agreement or security cheque or promissory note. it may be a difficult task to get back a loan given to a person in your own capacity. Digital evidences are considered secondary evidence, so no fruitful outcome is not feasible in the matter even through litigation. However, serving a legal notice to the person you can lodge a complaint/FIR against him at the local police station under Section 318(1) and 316(1) of Bharatiya Nyaya Sanhita(BNS) for cheating and c ...ReadMore
Vidhikarya
Vidhikarya
Credit card harassment
I taken Flipkart axis Bank credit card of 17000 but u didn't paid from 2 months and they sent legal notice to my mail id yesterday so what I do sir / madam... (Anantapur, Andhra Pradesh)
2 months ago
A. 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 servic ...ReadMore
Vidhikarya
Money back
My relative kept my money and don't give back... (Madhepura, Bihar)
2 months ago
A. Dear Client,
In the absence of any written agreement, receipt of the loan, or a promissory note or post-dated cheque issued by the borrower/relative as security to the loan, no legal remedy is feasible even through litigation. You can serve a legal notice to the borrower asking refund of money which may or may not work
Vidhikarya
Money lender threatning she will commit suicide
We have borrowed one lakh rupees from an unlicensed money lender for the interest rate of 5% per month 1.5 years ago. We have paid 80,000 as interest so far with great struggle. Now we are in great fi... (Bangalore, Karnataka)
2 months ago
A. Dear client,
To handle this situation legally, start by documenting all interactions with the unlicensed money lender, including text messages, emails, and notes from conversations. Report the lender's unlicensed status and any threats to the police. Refrain from making additional payments under pressure, as this could create further problems and be used against you later.
Try to negotiate a realistic repayment plan through legal channels and consider consulting a financial advisor to explore d ...ReadMore
Vidhikarya
EMI suspension for 3 months harassments from bajaj collection team
I have beenbtortured by collection team to come to local office Secondly round the clock calling and talking all nonsense and crossing limits... (Bangalore, Karnataka)
2 months ago
A. 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 servi ...ReadMore
Vidhikarya
