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Dear Client,
Once the repayment of the loan stops or bounces for consecutive 3 occasions, the Bank/NBFC inform the borrower for settlement of loan and if the borrower fails to settle the loan, they initiates a routine course of legal action for recovery of the loan from the borrower marking the loan as a bad loan/NPA before approaching the Debt Recovery Tribunal or a Civil Court and after hearing both parties Court may even pass an order for attachment of immovable or movable property of the bo

Dear Client,
Your query suffers from a lack of information and is too insufficient to address it properly. However, be informed that the financiers have the right to seize vehicles in case of default in loan repayment, but the process must be legal and well-documented. Once the borrower fails to repay the outstanding loan, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against his loan, offering suitable terms. In the absence of any response from the

Dear Client,
Your query lacks information. However, be informed that in the absence of any written agreement or contract and collateral security in the form of promissory note or post-dated cheque, the recovery of loan from your so-called friend, is not feasible even through litigation. However, you may serve a legal notice to your friend demanding refund of your loan with interest, which may work or may not work.

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 during recovery process. In the context, reference may be made 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 financia

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 during recovery process. In the context, reference may be made 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 financia

Dear Client,
When a credit card member defaults on payments, American Express first tried to contact them using the contact details provided and in case, they cannot be reached or fails to repay, American Express reserves the right to appoint external agencies/recovery agents to collect the outstanding amounts even for accounts that have been written off, as their Card member Agreement states they have the discretion to appoint agents to collect amounts receivable by them. However, when the ca

Dear Client,
As stated in the query, you transfer the money to your friend via third party account without creating any formal written document in respect of loan that makes you liable to face the consequences. So, in the given scenario, recovery of said money is not feasible even through litigation. However, you can serve a legal notice demanding the refund of said money from your friend which may or may not work.

Dear Sir,
File a Written Complaint

Write to MobiKwik’s grievance redressal officer (details available on their website).

State that recovery agents are violating RBI norms by harassing and disclosing details to relatives.

Escalate to RBI Ombudsman

If not resolved within 30 days, you can file a complaint under the RBI Integrated Ombudsman Scheme, 2021 (online portal).

RBI takes such harassment complaints seriously.

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 behaviour or recovery process. Banks/NBFCs are strictly advised to adhere to the guidelines/code mentioned above during the loan recovery process. In the given situation, filing a complaint against the recovery agents of the Pocketly at the local Police Station, a copy of the said complaint should be sent to

Dear Client,
Your query lacks information to address it properly. In the absence of an authentic bill against the sale of goods or any other cogent evidence supporting your claim, recovery of a sum receivable to seller from the buyer is not feasible/possible even through litigation.