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Abhishek Kr Raushan   29 November 2018

notice given by a nbfc just being late to pay EMI by 15 days

I have borrowed PErsonan loan from an NBFC . IN September month I became late by 15 days due to financial crunch . and they serve me a notice to pay EMI within three day and also threatened md that other wise they will attach my wife jwellary and other asset . is it legal .this financial company is very much painful for me, they don't respond properly any doubt .and they gave me loan at very very high intrest rate abut 23 percent and without taking my final consent they disbursed money in my account and due to this I am suffering s lot . .can I take any legal action against them .pls advice .


 8 Replies

Suri.Sravan Kumar (senior)     30 November 2018

Dont say that without taking final consent they disbursed the money to your account. If that is the case you must have brought to their notice immediately. You are supposed to read the terms and conditions of the agrement before signing the agreement. Approach local experienced Lawyer to assist you or approach Dist Legal services Authority.

1 Like

G.L.N. Prasad (Retired employee.)     30 November 2018

Forget about all this, when you willingly walked into their office, knowing the terms you have obtained the loan.  If they have given a notice for your delayed payment, explain the situation to them, seek some more time and settle the account as early as possible.

Reminding is their duty.  When you have invited and used them in case of your need, no one can find fault with NBFC for demanding the money as per EMI.

Take it as a lesson, and do not give them any opportunity in future by paying EMI promptly and settle the account and never go to such NBFC in future, if you want self respect.

Abhishek Kr Raushan   30 November 2018

I am very much Thankfull to Mr. Suri Sir and Mr.Prasad Sir .
I would like to mention that
1. The application was pricessed by Agent , who introduced themself as representative of that NBFC.
2. he took my sign on only a single paper in which no terms and conditions was mentioned and he ensured me that the rate of intrest will be maximum 16 percent .I have the picture of that paper . and also proof of conversation in which he mentioned that ROI will be 16 %.
3. when money was disbursed I had no knowledge about ROI as he told me it will be noticed after login application and after approval.
4. loan disbursement done in 9th of April and I just tried to find out detail , customer care didn't have me detail . and I got a welcome ca ll after 15 day I asked them about rate of interest then they told me about this is 23 %. I ik immediately object but they told me that this a digital loan and they can not di any
thing .
5. the person who logined on behalf of me ,he disappeared . so , immediately I written to customer care also call them and pointed out my issue just after day of welcome call , and from April to till date I have written many Emails , done many calls regarding this , I also narrated my bad situation at their office , and also given handwritten letter to then and have receiving also but they completely denied to listen me . I requested them to just reduce Rate of interest and lower EMI . but they never listened me and I am in very worst situation .

many time I tried to contact the officials but they never give a chance to meet him and narrate my situation .

I know, in this world it is very difficult to any one but right now I am victimiset and traped by taking advantage of my helplessness .
but I have to survive , plz advice how ...| I have tried to write entire situation .
I will be thank ful for all help .

regards
Abhishek Kumar Raushan

G.L.N. Prasad (Retired employee.)     30 November 2018

First regularize your account, thereafter collect all such evidence and file a consumer complaint in District Consumer Forum, after issuing a regd notice on all issues with the NBFC.  You need not pay any fees for complaint before District Forum, and also file a complaint to Reserve Bank of India on such unhealthy practice of duping clients, if any.

But a common man first should come out of their clutches first and never resort.  There is no use in prologing and fighting against issue as we have lost something and further waste of time and money is not prudent.

G.L.N. Prasad (Retired employee.)     30 November 2018

First regularize your account, thereafter collect all such evidence and file a consumer complaint in District Consumer Forum, after issuing a regd notice on all issues with the NBFC.  You need not pay any fees for complaint before District Forum, and also file a complaint to Reserve Bank of India on such unhealthy practice of duping clients, if any.

But a common man first should come out of their clutches first and never resort.  There is no use in prologing and fighting against issue as we have lost something and further waste of time and money is not prudent.

Abhishek Kr Raushan   30 November 2018

Thank you Mr . Prasad Sir for your precious advice .

Suri.Sravan Kumar (senior)     30 November 2018

from your clarification it is understood that the agent has cheated you. The relationship betwen the company and the agent is master and servant as such master is liable for the lapses committed by the agent and vice versa. Being educated man you ought not to have signed on the white paper. Since the agent obtained your signatures on white paper and you recorded his conversation, it is better to file cheating case against the agent.

secondly the agreement can be challenged in the court of law by filing declaration suit to declare the contract as null and void.

Abhishek Kr Raushan   30 November 2018

Thank you Mr . Suri Sir for your valuable advice .Regards

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