Foreign loan recovery by agency
Rajesh Rao
(Querist) 26 February 2018
This query is : Resolved
Dear sir,
I need Legal advise on following points ( Recovery of Loan by Local agency):
1. Whether Local recovery agency in india - Have legal power to recover Gulf loan of more than 5 year old.
2. if they approach us by call/harassment or in person - what document need to be checked for their authority.
3.if they do not have Legal authorisation by bank, How to handle agent, can we file police complaint for harassment.
4.Is it civil or criminal crime.
5.What is time limit for recovery of old debts in india. How period of limitation is calculated.
6. We need to verify court order or only letter from Bank authorising agency for debt recovery.
kindly revert back urgenly.
Vijay Raj Mahajan
(Expert) 26 February 2018
Time limit for recovery of any money due from the debtor is 3 years from the time it became due, beyond 3 years period no suit or petition for recovery of the due amount will be entertained by the court.
The recovery agents operating in India are basically Goons who take up matters which are for recovery of money beyond time limit with understanding of getting good share in the recovered amount.
Now it's very simple to deal with such Goons, either ignore them, block their phone calls or call them at your place and give them good bashing, breaking their bones. Lodging police complaint means adding another group of Goons with them who rather helping you will workout with these Goons for share in recovered amount.
SHIRISH PAWAR, 7738990900
(Expert) 26 February 2018
For recover of loan one has to approach the court and file recover suit before competent authority. Even if they are authorised to recover they have to approach court they cannot threaten and recover money. If recovery agents are harassing you can approach local police station and file complaint against them. In India recovery has to be made within 3 years and it is depending upon facts of the cases.
Kumar Doab
(Expert) 26 February 2018
If one has borrowed one should pay..
The recovery agents can not resort to coercion, intimidation, threats, harassment…
The lender is expected to write to borrower. The agent is expected to appear with ID and letter of lender.
Record all threats……………
Log onto website to agency and you shall find declaration on Code of Conduct for recovery…
Log onto website of RBI and guidelines on recovery thru agencies…
Kumar Doab
(Expert) 26 February 2018
YOU can approach many consumer help groups in India e.g;
www.grahakseva.com/
http://ashisha.com/consumer/
www.bighelpers.org
http://www.mouthshut.com/
complaint@network18online.com
pehredar@moneycontrol.com
pehredar@network18online.com
http://www.facebook.com/Pehredar
They may agree to provide help and guidance...
Kumar Doab
(Expert) 26 February 2018
There are many threads on harassment by collection/recovery agents at LCI and ou can download illustrations, guidelines, contact details, judgments, citations and pick up relevant points..
http://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.UUc5U0pFZ_4
http://www.lawyersclubindia.com/experts/Harassment-by-recovery-agents--442841.asp#.UrhGa9IW1MA
http://www.lawyersclubindia.com/forum/Writ-petition-reserve-bank-of-india-76323.asp#.UTl5yErxHvo
http://www.lawyersclubindia.com/forum/Bank-s-liability-for-phishing-fraud-67455.asp#.UH1uBO-bcwc
http://www.qadit.com/blog/?p=1153
http://www.lawyersclubindia.com/forum/Precaution-to-be-taken-by-bank-for-internet-banking-67472.asp#.UG-0OmcWrts
http://www.consumercourt.in/net-banking/44056-phishing-cases-time-act.html
http://searchsecurity.techtarget.in/news/1511710/ICICI-Bank-phishing-fraud-case-Is-the-organization-at-fault
http://www.lawyersclubindia.com/forum/Cyber-crimes-in-bank-a-survey-46195.asp
Preferably Approach with copies of docs a very able senior LOCAL counsel of unshakable repute and integrity specializing in such/consumer matters and having successful track record in such matters and……………….worth his/her salt..
Check at LOCAL Consumer Court…..
