Chit fund
ROSHAN PAUL
(Querist) 19 September 2020
This query is : Resolved
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, 7738990900
(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
(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.
kavksatyanarayana 
(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.
ROSHAN PAUL
(Querist) 19 September 2020
If there are two nominees then who is held responsible for recovery of loans primary or both
ROSHAN PAUL
(Querist) 19 September 2020
There is any point regarding legal heirs in chit fund act
Guest
(Expert) 20 September 2020
First find out who was the Guarantor apart from all this.
ROSHAN PAUL
(Querist) 20 September 2020
guarantor is my mother in law and father in law brother both
Shilesh Patel
(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.
ROSHAN PAUL
(Querist) 20 September 2020
there are two guarantor they are pressurizing only my mother in law
Rajendra K Goyal
(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.
Guest
(Expert) 21 September 2020
Nothing to add ..........................................
P. Venu
(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.
