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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.

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

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

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

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

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

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

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

Dear Client,
Your query does not focus on any reason behind the calling by SBI recovery agents to your neighbor for your default of repayment of credit card dues. 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 services and (c) Master Circular DBOD.FSD.BC.17/ 24.01.011/2007

Dear Client,
In the given scenario, be informed that a dispute between a tenant/PG and landlord/owner is resolved under the state-specific Rent Control Act under which a Rent Controller or Addl Rent Controller is appointed to deal with the dispute arising out of a rent agreement between the parties. So, serving a legal notice to the concerned PG Owner, you can file an application explaining your grievance before the concerned Rent Controller or Addl. Rent Controller to resolve the issue amicably