SANKARAN.G. (supdt.) 01 December 2009
My uncle (my mother is surety)had a vehicle loan with a private financial institution in 2001 and the vehicle was taken away by them in 2002 for non-payment. The vehicle would have realised substaintial amount to offset the loan. Now, they are demanding to repay the balance(?). Both my uncle and my mother are aged more than 74 years and doesn't have any source of income. What to do now?
N RAMESH. (Advocate Chennai. Formerly Civil Judge. Mobile.09444261613) 02 December 2009
From the contents of your question, I understand, transaction was of the year 2001 and the possession of vehicle was taken back in 2002. After almost 7 years, they are demanding payment. The demand made by the financial instituion is barred by law. If they are harrasing you it is illegal. Prefer a complaint to Police and RBI and other high officials.
SANKARAN.G. (supdt.) 03 December 2009
It is a non-banking private financial institution. Can we make a compliant before RBI. My uncle or my mother has not received any notice till last week. Now they say there is some amount left out to cover our loan. It was forcebaly taken away by them during 2002 and the vehicle would have sold for a amount more than our dues. Having said this, if there is any balance, they ought have to informed us at that time itself. Now demanding is it reasonable or tenable before law.
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