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Dear Sir,
Get issue a legal notice and threaten to go to Civil Court and get a stay on the EMI's which you are suppose to pay. The said authorities normally cannot charge interest more than agreed rate.

Dear Client,
Once the repayment of the loan stops or bounces for consecutive occasions the Bank initiates a routine course of legal action for recovery of the loan from the borrower marking the loan as a bad loan/NPA and offering the borrower for one-time settlement of the outstanding loan before approaching the Court for recovery of the loan from the defaulted borrower. If a suit for recovery of an outstanding loan from the borrower is filed by the Bank before a Civil Court/DRT, after hearing

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 in the 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 s

Dear Client,
In India, money lenders are governed by the Money Lenders Act, 1957 in different states. 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 provision of the Money Lenders Act and the state-specific rules. If any person or a group of persons is involved

Dear Madam,
The membership may not be cancelled. But insolvency petition can be filed only against private persons and not against banks and financial institutions. You may contact local advocate dealing with subjects and accordingly take a decision.

Dear Client,
A technical glitch in the virtual mode of transaction is considered a force majeure, i.e, an event for which no party can be held accountable and a service provider cannot be held responsible for the default in deduction of installment under the ECS mandate. Since you spent the money from your account, the attempt to deduct the EMI failed and accordingly, the defaulter has to pay late fees for delayed payment of the due installment. A loan settlement refers to the act of closing a l

Dear Sir,
Just take cheque for the amount and file a cheque bounce case. If you have not having cheque then approach Police and try to get post dated cheque from the customer.

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,
In case, a provision for resolving the dispute through arbitration under the Arbitration and Conciliation Act, 1996 exists in the credit card transactions/personal loan agreement, before marking dues or loan as bad loan/NPA, the lender exhausts its course of action as stipulated in the loan agreement and send a Notice under Section 21 of the Arbitration and Conciliation Act, 1996 to the borrower who failed to repay his/her debt/dues against credit card or loan to resolve the matter

Dear Client,
In the absence of any documentary evidence behind the transaction of money between you and your friend, no legal remedy is accessible to your friend as of now even through litigation. However, you can serve a legal notice to your friend asking him to refrain from such kind of threat, otherwise, a complaint for criminal intimidation under Section 351 of BNS shall be lodged in the police station and the matter may be informed to the concerned regulatory authorities including State Re