In shriram taken a chit on 2008-3 lac chit 2 years i make the due correctly,uncertainly i need a amount they are not allowing to take the chit. so they provide a personal loan for my money and they provide 2.5 lac loan .after 6 months taken my chit for rs.1,85,000)& debited rs 1,10,000 in(1.5 lac loan) & close the account & balance 75,000 rs they ask to join in Insurance ,i paid but i cant continue.in this insurance they adjusted rs.22,000 only for my loans( in 1 lac) And still 1 lac is still active now,they filed a case against me in 2009 still.i have gone many times to settle the amount ,but they are not given proper statements.they filed E.P for loan & its dismissed before 1 year. chit case not filed so far Now the problem is they are torturing us & says for 1 lac loan want to pay 3 lac with interest & for chit separate its outstanding principal is 1 lac + interest to be paid. By last week i visited the Erode office & asks waiver with managers .they said finally 1,40,000 rs for chit to paid & settle it. We agree & said need 10-15 days,but they said we will not accepting & if u cant settle it immediatley. And they are going to my relatives & asks my address & the regional manager is ordering me to settle now otherwise we will do anything They are not allowing to settle the amount ,asking much money i cant pay it Whats the solution for this,can i file a case against manager & chairman of Shriram chits & they must not visit the house & for any torturing its totally a fraud company & why this govt are allowing this type of finance.
No financier can for the purpose of recovery of any loan indulge in extrajudicial measures as stated by you.
If they do which appears to have been happening in your case, you can lodge complaint with police.
If you have taken the loan then you are bound to repay the same at the rate to which you are liable and only way to avoid the same is to make settlement with them.
For any criminal activity done by the financier you can initiate criminal cases agaisnt the offenders.
Lodge a complaint against the financier,
As per law you are liable to pay back the amount and if you are not able to pay the same and for recovery of the same some criminal activities are being done on part of the financier then you may lodge a criminal complaint against him.
If the police refuses to lodge an FIR file a complaint before the magistrate under section 156(3) of Cr.P.C.
Regards
Financier of Sriram chits cannot resort to criminal measures and activities, to recover the loan advanced to you.
If they continue to act in this way and continue to harass and torture you, move a complaint against the Financier before the Police.
Send letter by regs post to finance company recording the discussion arrived at
2) mention that they agreed to rs 1.40 lakhs in full and final settlement
3) request them to confirm in writing the aforesaid offer
4) on confirmation received seek 15 days time to make payment
sir if they are not giving the letter what to do And they already inform after making the amount will give NOC
You cannot make any payment unless there is written confirmation received from chit company that x amount is in full and final settlement
The fact of the matter remains,that sooner or later you will have to clear your debt.
Its just that the financier cannot resort to extrajudicial measures to recover this from you.
if they are not accept this 1.40 lac.what to do sir. they said already now u settle this otherwise we will not accept. What are the other legal action / procedures to settle this amount for both chit & loan
1) let them file suit to recover the dues
2) contest the suit proceedings
3) suit would take years to be disposed of
Its right,but they are asking my address & torturing by phone.and visitng relative houses My wife has signed as a guarntor & can they do any warrant .How can i know they will filed a suit against me .i have not in the home town now.then how may know. Without my knowledge they can file a suit & issue a warrant
Suit would have to be filed against you and your wife to recover the dues
It is civil suit and your wife would not be arrested
3) you would be served with copy of suit filed against you
Hello sir , you can file a caviet petiton in the court where your jurisdiction lies .. If any civil suit is filed against you, you will be intimated through summons and no adverse order will be passed by court in your absence ..
Immediately inform the Police of this torture and harassment that is being meted out to you.
Supreme Court has already taken a very strong view on recovery agents. Recovery of any loan/credit, has to be strictly in compliance with the agreed terms and conditions.
They will have to take recourse to a legal proceedings to recover this loan back from you. You need not move unless your receive a notice/summon from the Court.
Ques:
sir if they are not giving the letter what to do
And they already inform after making the amount will give NOC
Sir you can not make any payment until and unless you receive a confirmation from the chit fund that the amount has been settled in full and final terms
Ques:
if they are not accept this 1.40 lac.what to do sir. they said already now u settle this otherwise we will not accept.
What are the other legal action / procedures to settle this amount for both chit & loan
If they will not accept this money then they will have to file a suit. It will take years for the suit to be decided. As sson as you receive the summon from the court, engage a local lawyer to defend the case
Ques:
Its right,but they are asking my address & torturing by phone.and visitng relative houses
My wife has signed as a guarntor & can they do any warrant .How can i know they will filed a suit against me .i have not in the home town now.then how may know.
Without my knowledge they can file a suit & issue a warrant
If you are apprehensive that they will file a suit then file a caveat in the court so that you receive the copy of the suit beforehand.
No order will be passed by the court in your absence.
Regards
Whats the solution for this,can i file a case against manager & chairman of Shriram chits & they must not visit the house & for any torturing
its totally a fraud company & why this govt are allowing this type of finance.
You came to know that the company is fraud only after defaulting the payment due to the company.
Well, you can issue a legal notice to the company's representative and to the company also warning them against the visit to your house in future and can advise them to proceed to recover the debt amount as per law by observing due process of law.
If they sill indulge in such activities, you may lodge a criminal complaint against them in the police.
if they are not giving the letter what to do
And they already inform after making the amount will give NOC
You issue a legal notice demanding the same and stipulate time limit for furnishing the same
if they are not accept this 1.40 lac.what to do sir. they said already now u settle this otherwise we will not accept.
What are the other legal action / procedures to settle this amount for both chit & loan
Since you have made the efforts from your side to settle the same as per the agreement, they do not want to utilise the same, hence you may not force them to accept your terms, you can ask them to proceed legally which can be challenged in court with the help of an experienced advocate
Its right,but they are asking my address & torturing by phone.and visitng relative houses
My wife has signed as a guarntor & can they do any warrant .How can i know they will filed a suit against me .i have not in the home town now.then how may know.
Without my knowledge they can file a suit & issue a warrant
They can initiate a civil suit only for recovery of loan amount with interest.
They are not police or court to have a warrant or issue a warrant
They know that they cannot go to police for this hence they will not approach police
Ask your relatives to take legal action against them if they visit their house.