Upgrad LLM

personal loan


Hi

Everyone..

i had taken a loan from a financial institute called Future Money. This was a personal loan taken in April 2008. I have paid more than 12 EMI's however in past few months i could not pay because i was jobless due to recession. 

The case is now with a collection agency. Someone from the collection agency had come to my house today stating that the bank has issued a non bailable warrant against me as i have not paid the EMI's.

I have never recieved a legal notice from the bank.

Is it possible for the bank to issue a non bailable warrant against me without any prior notice??

What should i do in this case???

 

Waiting for replies eagerly as i dont really know what to do

Thank You.

 
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practicing advocate

Except court no private institutions/persons/banks have power to issue non bailable warrant to any person.

 
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Advocate and Tax Consultant sudalaipearls@rediffmail.com

the Court only vested with the power of issuing the bailable/non bailable warrant. no one can take the law in his hand. now a days the our Supreme Court and other high courts consistanlty held that the bank/ financial institution  should not harras the borrower except due process of law. but we should not take it as advantage

 
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