I am a government employee in Bangalore I am having multiple loans due to my CIBIL score was good I borrowed loans from Aditya Birla finance, bajaj finsery, Fullerton India, Ifdc capital first, India bulls dhani.and credit card from RBL bank and HDFC my take home salary is rs.47000/-and all my EMi ars rs.60000/-till October 2019.without missing EMI due to my family difficulties and IAM only earning person out of four members in my family (i.e wife and study ING two children ) my age is 54 year still having 6 years services . because of the above I searched in Google city credit management LLP single debt.company and got registered DEBIT Management Plan and paid two months fees for ther admin fees and from third month I have to pay the crediters amount which has to been paid from third installment fees I paid the amount and the amount was distributed by the above company but the collection agencies of the above crediters are giving me harrasment calls and saying me the above company is fraud company we don't accept the amount distributed by them it's very low and demanding me full EMI they are coming near my office and home and even I missed on EMI before settling DMP so I request you what I have done is correct and whether the company is genuine and I have to do further ,thank you
Is there any options with out Debt management plan whether I can get loans from money lenders without CIBIL check to settle all the loans and one loan for long term with low EMI and give me suggestions where I can get this type of loan
Your salary is lower than EMI sought to be paid to lenders
2) you should apply to lenders to reschedule your loan reduce your EMI as income is not sufficient to pay loans
3) in alternative borrow from friends and relatives and repay the loans taken by you
Money lenders would charge you exhorbitant rate of interest
Borrow from friends and relatives
Dear Sir,
There are so many scrupulous financial companies. We must be very careful. You may get issue a legal notice to
Credit management LLP single debt.company to know its credentials. Secondly you may rely upon the the following
to avoid ugly situation being created by the Recovery agents. Get issue a legal notice and file a civil suit
restraining them using unethical methods.
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ICCI Bank Limited vs. Prakash Kaur case,
The Supreme Court in a landmark judgement reiterated its earlier stand that banks cannot deploy musclemen for recovery of loans from defaulters thus forcing them to end their lives.
"We deem it appropriate to remind the banks and other financial institutions that we live in a civilised country and are governed by the rule of law," a bench comprising Justices Tarun Chatterjee and Dalveer Bhandari said.
The court while dismissing the ICICI Bank's plea refused to delete the Delhi High Court's remarks that held the bank and its musclemen responsible for abetting a youth to commit suicide by humiliating him and taking away his motorcycle financed by the largest private sector bank.
It also asked the ICICI Bank to to pay Rs 25,000 as cost of this litigation to the respondents within three weeks and directed the Delhi Police to conclude the investigation against the bank expeditiously within three months, keeping in view the gravity of the allegations.
The court also directed the concerned Deputy Commissioner of Police to submit the investigation report in the Delhi High Court.
According to the court, complaints received by Reserve Bank regarding violation of the above guidelines and adoption of abusive practices followed by banks recovery agents would be viewed seriously.
Reiterating the RBI Guidelines on Engagement of Recovery Agents, the court said, "The Reserve Bank may consider imposing a ban on a bank from engaging recovery agents in a particular area, either jurisdictional or functional, for a limited period. In case of persistent breach of above guidelines, Reserve Bank may consider extending the period of ban or the area of ban."
"RBI had expressed its concern about the number of litigations filed against the banks in the recent past for engaging recovery agents who have purportedly violated the law," Justice Bhandari, writing the verdict for the bench, stated.
RBI in a letter accompanying its April 24, 2008 Guidelines had stated that it might consider imposing a ban on a bank from engaging recovery agents in a particular area, either jurisdictional or functional, for a limited period.
ICICI Bank had moved the apex court seeking deletion of some paragraphs in the High Court order which had said that "...the proximate cause of death of the deceased that led him to commit suicide was on account of humiliation caused by the Bank people from where loan was taken by him."
"The modus-operandi employed by the banks like ICICI for realisation of their loan amount and for recovering the possession of the vehicle against which loans are given is extra legal and by no stretch of imagination they can be permitted to employ musclemen and goons for recovery of their dues even from a defaulting party," the High Court had observed.
The High Court order had come on a petition filed by Shanti Devi Sharma, the deceased's mother, seeking a probe against the ICICI bank and its staff for the unlawful action, which led to the suicide of her 34-year old son Himanshu Dev Sharma.
Sharma had committed suicide in October 2005 by hanging himself at his house after he was allegedly intimidated and humiliated in front of his neighbours and family by recovery agents employed by the bank for recovering the loan amount taken for his motorcycle.
The ICICI Bank had contended that it was within its rights to recover loans and had followed the required procedure for recovering dues.
Company may be fraud, file FIR against it if payment is not disburse by it. And wrong decision.
You have borrowed amount form various companies whereas you have approach a different company to pay your EMIs which is contravening the loan agreement with the lenders.
You have to repay the loan as per the conditions of loan availed from various companies instead you have taken a dubious route which may not be legally acceptable especially when the new company has been alleged to not to pay properly.
You will be in a fix because you borrowed the money and not the new company, they will eat your money and vanish leaving you to toil in lurch.
Better revert to your original mode of repayment of loan amount to avoid legal complications.
1. You should not depend on Debt management plan as there is no such plan to pay your loan.
2. You should apply for some home loan if your CIBIL score is good and from that loan clear all the loans.
3. EMI of home loans are less as compare to other loans.
You are a master in availing loan from various financial institutions hence your question of asking about availing more loans from more companies is surprising
What do you want to clarify by posting this additional post
Don't take any more loans, better borrow money from your relatives.
Yes you can get loans from traditional moneylender in higher rates without cibil check. You can file police complaint for the threats
