Personal loan

Querist : Anonymous (Querist) 06 August 2021 This query is : Resolved
I took personal loan from Bajaj finance. For 16 months I am unable to make payment due to pandemic. I'm going through a very financial difficult fase of my life. I have repeatedly requested the bank officials & the recovery agents to please bare with me as I'll repay the loan as soon as possible. For last 6 months I haven't received any letters from Bajaj finance. Now a police officer was at my house & asked to me talk to another police officer on the call who was at different police station. The police officer whom I talked to, informed me that he has a arrest warrant against me from Bajaj finance and asked to talk to a bank officer and call him back. I spoke to the bank officer he gave me a week time to repay the entire amount & said we will settle this outside the court, I told the bank officer it's not possible to make the entire payment but I can start repaying EMI, for which he declined & also asked me write on a paper that I owe xyz amount to Baja finance and I'm ready to pay them in week's time. I called the police officer & told him the conversation & I requested him as I would like to see my arrest warrant for which he replied call me before meeting me. Please suggest as I'm very tensed.

Update:-
Bajaj finance contacted me and said they have registered complaint under section 422 & 420 IPC & within one week they have asked me to make full payment. I don't want to get arrested but I want to to start making small payment but the Bajaj finance representative is very rude & is not listening nor accepting my request. What should I do to avoid arrest?

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Quick Summary

A borrower is facing significant financial hardship and is unable to repay a personal loan from Bajaj Finance for 16 months. Despite attempts to negotiate, the company has involved the police, alleging an arrest warrant under IPC sections 420 & 422. The borrower is seeking advice on how to avoid arrest and arrange a payment plan, as Bajaj Finance is demanding full repayment within a week and refusing EMI options. It's suggested that police involvement in civil debt recovery might be improper.

kavksatyanarayana (Expert) 06 August 2021
Consult a well knowledged advocate of your area with the material you have. I think you have to get permission from a court of law.

Dr J C Vashista (Expert) 07 August 2021
How did Bajaj Finance approach / engage police authorities for execution of arrest warrant qua recovery ?

P. Venu (Expert) 11 August 2021
Police are not empowered to interfere in civil dispute. It appears that the company or its recovery agents are trying to overreach and overawe.

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