Securitisation act 32 can be revocked by common man

Querist : Anonymous (Querist) 20 May 2010 This query is : Resolved
Respected Sir,

I have taken a home loan and this company is been chargeing cut throut interest from the month one and after paying for last 4 years I am been requesting them for reducing the rate as per the new which they are showing on interest.And their are very poor at customer service and in the month of nov-2009 I had agreed to pay certain amount of conversation fees to bring the emi down but they deposited emi chq. but not the conversation chq.

since than I have stopped [aying the emi's and now they have send me a Securitisation 32 act notice.

For no fault of mine delay in there standard of work and service we need to suffer.

Please I like to know what are the ways out to bring this notice / or put a stay on the smae till they give me a favourable answer as I am ready to pay yje outstanding but the they are asking for overdue charges and conversation fees.

Need help so that I can go ahead with it.

Thanks,

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Raj Kumar Makkad (Expert) 20 May 2010
You file the reply of notice through a counsel and then approach to DRT and seek desired relief.

Querist : Anonymous (Querist) 20 May 2010
Would this be costly affair in terms to fees of the councel and DRT

Uma parameswaran (Expert) 20 May 2010
I am supporting the suggestions given by L.friend Raj Kumar.

nishad (Expert) 21 May 2010
is this company ur talking about is a "Bank" under Banking regulation Act?if yes,reply to their notice immediately.As unlike my learned friends suggested u cannot approach the DRT at this stage.Only if the bank proceeds with any one of the measures enshrined in sec 13[4],then the agrieved party can make an application to DRT.

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