Threatening calls made from capital first


Purchased a fridge from big bazaar, Saligramam, Chennai through Future capital now capital first in August of 2010. The purchase was made with 12 months emi of which two months of EMI payment made through debit card payment. The EMIs are paid monthly without fail to a collection executive from Future Capital now Capital first Nanganallur branch. The EMI amount was 1354/-. After paying six months EMI, on the 7th month remaining 4 months EMI was paid in total Rs.5416/-. The EMI loan was preclosed in 2011. No calls received from their office thereafter . Suddenly after three years on 24/12/2014 received a call from someone stating he is a high court lawyer in chennai and he has been asked to initiate a case against me for there is pending 9000 balance I have to pay. How to go about this?

 
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Business

1) If the last payment was made less than three years ago the loan, if any, is still within limitation period and the Capital First can proceed for recovery. Case has to be filed within these three years. See :

 

http://bankingindiaupdate.com/limitn.html

 

2) Don't acknowledge the debt in any way or give anything in writing . Let them serve proper legal notice on you with documentary evidence and then proceed accordingly. In the interim if three years are over the loan gets barred by limitation.

 

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The loan period was till August 2011. The EMI loan was preclosed in May of 2011. It is over 3 years now since the loan period got over.

 
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FIN

Record all calls.Narrate that all  amounts were paid and loan was properly closed after making the full payment.

Probably the Prepayment penalty  was levied and C/F.......................

 

Keep all proof of payment in a file. 

 
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The emi loan was preclosed before the loan closure date. I guess it is a case of mismanagement of files because when the loan was taken and closed it was called Future capital (future money) and this company was taken over by Capital first in 2012. After 3 years and 4 months after the loan closure date someone calling saying representing Capital first which I have nothing to do with saying I have to pay 9000 Rs does it make any sense
 
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