Indian (RR) 12 December 2014

Chit fund surety

Hello Sir / Madam,

I work in a private company and 2 years ago I and 2 other friends had given Surety to my team member who was working with us has obtained Loan from Chit fund company i.e. Margadarsi and he had paid them only 2 months and later has not picked the call and has not made any payment to them. Everyday they call us and threaten us to pay the money else they would file a criminal case against us and they are also saying that they will ensure we wont get our salary and PF amount.

We have given Salary Statement, Voter ID Card as proof. Does Chit Fund company has rights to claim it from our Salary account and PF account ? Please suggest what we need to do to come out of this problem.

We are not able to trace that person and he do not have any property which could be attached. Last 3 months ago someone told us that he has left the job and escaped to some other city :(

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2 Replies

sunitha (home executive) 16 December 2014

I am Sunitha.K have got into great trouble, I kindly need your guidance and help.

My husband who died was a government employee and was running a chit, after his death every one forced me to do and I did the same but now I have landed in huge loan and could not finish the chit.

The chit stopped abruptly and every one tortured me for their money. So I sold all the properties which my husband had owned and landed up giving 50% of the money what they had paid to all (about 200 people). Now again they are torturing me for the rest of the amount.

I had taken few loans from some people in chit and paid interest for more 6 years which is about triple the amount I had taken from them.Even they are torturing me for the principle amount.

I just need your help to come out of this and few advise.

Will they put any case on my family members if I don't repay them.will it have an hold in the court

One of my family member got appointed to my husbands job will there be any difficulty.

I have given few cheques

how can I come out of this problem

Dr. MPS RAMANI Ph.D.[Tech.] (Scientist/Engineer) 16 December 2014

@Indian The chit fund can recover the amount from the sureties. But they cannot directly ask your employer to recover from your salary unless you have given written permission to the employer to do so. If you have given any written permission to the employer, you must immediately withdraw it. In any case the chit fund can go to court and recover through court order. You can contest in the court if you have an argument. Your provident fund cannot be attached.