Bought phone on EMI
5 months ago
I have bought a phone on emi 2 month ago. But due to our new born baby and unexpected expenses I had to sold my phone . I am paying all the emi of phone. But some one called me and said I did a illegal thing and will be charged. They will fill a police case against me. I want to know what is the procedure and did I really made a bad choice by selling phone which is on emi.
A.Dear Client,
There is no threat of legal action from the side of the lender, if you continue with the repayment of the loan against the mobile and repay the entire loan. But the threat lies elsewhere if the mobile set is misused with ulterior motives by the person to whom you sold it. You got a tax invoice on the purchase of a mobile set on loan, but you sold it to others without any papers because a hypothecated/financed item cannot be a subject matter of sale or purchase in the absence of consent from the lender. Every mobile set has a unique code number which is known as IMEI Number (International Mobile Equipment Identity) and in case the mobile is misused by the purchaser for any criminal act or conspiracy and if the same is seized from the crime scene or from elsewhere, the owner of the mobile set can be traced out through IMEI number by the cyber crime cell/CBI in course of an investigation and you being the owner of the mobile set may be held accountable and may face legal consequences and harassment.
There is no threat of legal action from the side of the lender, if you continue with the repayment of the loan against the mobile and repay the entire loan. But the threat lies elsewhere if the mobile set is misused with ulterior motives by the person to whom you sold it. You got a tax invoice on the purchase of a mobile set on loan, but you sold it to others without any papers because a hypothecated/financed item cannot be a subject matter of sale or purchase in the absence of consent from the lender. Every mobile set has a unique code number which is known as IMEI Number (International Mobile Equipment Identity) and in case the mobile is misused by the purchaser for any criminal act or conspiracy and if the same is seized from the crime scene or from elsewhere, the owner of the mobile set can be traced out through IMEI number by the cyber crime cell/CBI in course of an investigation and you being the owner of the mobile set may be held accountable and may face legal consequences and harassment.
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A.Dear client
Until you have paid the full EMI amount and completed the purchase, the phone may be considered the property of the financing company or seller. Selling an item that is not yet fully owned could potentially lead to legal consequences. If you find yourself in a situation where you need to sell a financed item, it's advisable to contact the financing company or seller to understand their policies. Some financing agreements may have clauses about early repayment or selling the item. If someone is making threats about filing a police case, it's important to take such threats seriously. However, the legal process involves specific procedures, and the person making the threats may not have the authority to initiate legal action.
Until you have paid the full EMI amount and completed the purchase, the phone may be considered the property of the financing company or seller. Selling an item that is not yet fully owned could potentially lead to legal consequences. If you find yourself in a situation where you need to sell a financed item, it's advisable to contact the financing company or seller to understand their policies. Some financing agreements may have clauses about early repayment or selling the item. If someone is making threats about filing a police case, it's important to take such threats seriously. However, the legal process involves specific procedures, and the person making the threats may not have the authority to initiate legal action.
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