cpc

Chit fund

This query is : Resolved 
 

(Querist)
19 September 2020

Hi my father in law have due amount in chit fund he has expired 4 years back and there are two nominees first my mother in law and second deceased person brother, since they issued to notice to my mother in law to settle the amount many times we went to discuss and asked required documents in order to pay the amount but they are not giving required documents / copies since they send an another notice to my wife as well as sister in law as a legal heirs is there any possibilities in chit fund act legal heirs are responsible for recovery and also only primary nominee only responsible to recovery or both ?


SHIRISH PAWAR, 7738990900Online (Expert)
19 September 2020

Hello,

You have rightly demanded the documents with respect to the amount given in chit fund or else let them take legal action. You can defend it. Otherwise, anyone will send notice and demand an unreasonable amount.

Rajendra K Goyal Online (Expert)
19 September 2020

It is better to have proper record of the correspondence and request to company demanding the formalities to be completed.
If no action, file complaint with the consumer forum.

kavksatyanarayanaOnline (Expert)
19 September 2020

As per your query, it is presumed that your father-in-law participated in chit auction and took the amount. The Chit Fund companies will take sureties from three persons at the time of the issue of check/DD for the Chit amount. So as per chit fund agreement which is generally executed by the Subscriber and the Chit Fund Foreman/Manager as the case be and the subscriber shall repay the full amount. So they issued notice. That notice will be issued to the sureties as well as legal heirs. So if you have any problem complain to the Registrar of Chits of your District. If the Chit Fund Company cheats, the Registrar of Chits will take legal action against that company.

VISHAL (Querist)
19 September 2020

If there are two nominees then who is held responsible for recovery of loans primary or both

VISHAL (Querist)
19 September 2020

There is any point regarding legal heirs in chit fund act

N.J.S.Rajkumar alias narasimhaOnline (Expert)
20 September 2020

First find out who was the Guarantor apart from all this.

VISHAL (Querist)
20 September 2020

guarantor is my mother in law and father in law brother both

Shilesh PatelOnline (Expert)
20 September 2020

Then your mother in law is liable and bound to pay the amount to the chit fund as she is an guarantor.

VISHAL (Querist)
20 September 2020

there are two guarantor they are pressurizing only my mother in law

Rajendra K Goyal Online (Expert)
20 September 2020

Sorry, something wrongly understood.

Whether said person are nominee or guarantor?

If are only nominee no responsibility. If guarantor or have signed agreement to be covered as such, equally responsible with borrower. Assets of borrower can be attached.

N.J.S.Rajkumar alias narasimhaOnline (Expert)
21 September 2020

Nothing to add ..........................................

P. Venu Online (Expert)
03 October 2020

Was your father a prized subscriber? How had he collected the prize amount? If the remaining subscriptions were not deducted from the prize amount, he would have provided sufficient security. There is no question of furnishing any surety or guarantee. Please verify.



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