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satyanandam (customer care excutive)     08 October 2011

Shriram chits loan

HI All

my name is satyanandam, i have a loan in sriram chits for 1,00,000/- ,4945*36 months but ihave family problem past 7months im not paid the emi of 4945/-,collection agent come to my home he said if u not paid the emi ur property sealed thru court, and he said company  send court notice, im not reciving any court notice plz give me suggestion iwant 4months time to clear the emis & iwill pay the balance im emi without fail plz suggest me


 8 Replies

adv. rajeev ( rajoo ) (practicing advocate)     09 October 2011

If you have money to clear the debt at a stretch they you go for it, but if you don't have then pay the uptodate debt and continue the loan

sudalaimuthu, (Advocate and Tax Consultant     09 October 2011


   for any default, the banker can approach the court for recovery of money. but the case was disposed off only after hearing the both side(banker and borrower). further in these type of cases, the chit fund company can attach your movable and  immovable properties thro competent Court. if you want to settle the issue, then you approach the company and make your proposal(time and amount). without issuing notice or hearing , the court should not order for attachment of proerty. 

DAULAT DILBAUG (Problems related to money marriage     09 October 2011

It will be a long legal process meanwhile arrange for money and pay up.

satyanandam (customer care excutive)     09 October 2011

right konw im in problems already inform to the sri ram chits iwant 30days time iwll pay 3instalment, but company not agree for thatnotice,if u not pay 2days court will send notice....?

kranthi (retainer advocate)     10 October 2011

If  u r in arrears in paying insatllment u dont worry, going to court not easy. first they have to issue demand notice to u then only they will  file the case, if case filed ur address is correct u will receive court notice then u will inform the court ur problem. there is no need to worry u will get time to pay meanwhile u will settle the amount

Nadeem Qureshi (Advocate/     10 October 2011

Dear Satyanandam

Kranthi is right dont worry about it if you want 30 days time to repay the amount , if any executive or collector of the financer came and threaten to you then informed him that go to the court and do the needful, as they can. if they file any civil suit then you can get maximum to maximum time for settle ment but if they filed criminal case against you under section 138 of NI Act then you got 15 days after reciept the demand notice from Financer.

then dont worry

feel free to call me on my no

laxminarayana (Advocate)     11 October 2011


fallow mr.kranthi advice

Venkataraman (not applicable)     13 October 2011

Since your intention is to settle the EMI dues of 3 months that too in short period of time as against 7 EMIs now pending, I do not think chit fund will take the pain of going to court etc as it involves time and energy

The may put presure on you and distrub you by making calls to you and yr family members.  When you speak to them always maintain calm and tell repeatedly  that you will settle it and keep the promise to the maximum extent.  As pointed out by SKJ, personal harrassment is also an offence.  Conversation may be recorded.  Hence always use possitive words since you are genuinely interested to settle the issue.  If not, law will take its own course of action and time that may deem fit in this case - thru' court.

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