Microfinance company
Microfinance company
I run section 8 microfinance company. And I want to give loan to only those persons who've taken membership/subscription of my company. So is it allowed to give loan to only members in section 8 micro
2 months ago
A. Dear Client,
In the context of a Section 8 microfinance company, offering loans exclusively to members who have taken a subscription or membership of your organization is a practice that can be legally viable, given that the company is structured as a not-for-profit entity with the primary objective of promoting charitable activities. However, it is crucial to ensure that this practice aligns with the specific regulations and guidelines governing Section 8 companies, microfinance institutions, a ...ReadMore
Unable to pay EMI and credit card outstanding
My EMI and credit card payment exceeded my salary amount resulting unable to pay all dues. RBL bank's recovery agent/customer care are giving threatening to send recover agent to my locality. I have s
3 months ago
A. Dear Client,
Facing financial challenges can be stressful, and it's important to handle the situation carefully. Firstly, try to communicate with your bank and explain your financial difficulties. Share a detailed breakdown of your income and expenses to demonstrate your financial constraints. Request for a revised repayment plan or extension that aligns with your current financial situation.
Document your communication with the bank and recovery agents, including any threatening language. If yo ...ReadMore
Money loss in trading
We don't have paper agreement we verbal commitment, my friend will invest I will trade we both share profit we didn't talk about loss now I lost in trading he is threatening me to police complaint
3 months ago
A. Dear Client,
Oral agreement are not binding on the either parties. But legal FIR can be filed but you may challenge in the high court.
Thankyou
10% interest per month is legal?
My mom brought 80k RS from neighbour at 10% interest rate per month and we have to give the interest till be don't pay the amount because they are not ready to deduct from principal amount but somehow
3 months ago
A. Dear Client,
A business or trading of lending money on higher interest without the permission of competent authority is a criminal offence and comes under the purview of Prevention of Money Laundering Act, 2002 (PMLA). If anybody involved in trading of money lending or any other financial transaction without any license or permission of the concerned regulatory authority like RBI, SEBI, then he or she may be booked under the Prevention of Money Laundering Act, 2002 (PMLA) which was enacted to fi ...ReadMore
Fraud mortgage loan
I have 1 elder brother. We have house on mother's name. My brother and his wife has mortgage the property with JM financial. Now they are not able to pay EMI. Bank send the notice to my mother where h
3 months ago
A. Dear Client,
Being co-borrower of the secured loan account and the owner of the motgaged property, she has to face legal consequences for non-payment of dues lying against loan. Once a loan is not repaid by the borrower for any reason whatsoever, it is treated by the Bank as NPA. Accordingly, the Bank sends notice to the Borrower asking him/her for repayment of the entire dues lying against your loan offering suitable terms. In the absence of any response from the Borrower, the Bank starts the ...ReadMore
EMI missed due to job loss
Emi missed due to job loss and I have already informed to my lender but they call me everytime and asking for payment
4 months ago
A. f you've experienced a job loss and are unable to make your EMI payments, it's important to address the situation responsibly. Here are some steps you can consider:
Communicate with Your Lender:
Continue communicating with your lender. Inform them about your financial situation, the reason for the missed payments, and any efforts you are making to address the issue.
Explore Temporary Relief Options:
In some cases, lenders may offer temporary relief options such as a moratorium or restructurin ...ReadMore
Loan surety
My and some of my friends few years ago had signed a surety for loan from a registered chitfund, the one who browed has absconded, the chitfund has notified us that they are going to file a case for r
4 months ago
A. Dear Client,
While the chit fund is notifying you to settle the case, it's crucial to explore legal options. As sureties, you typically assume responsibility if the borrower defaults. However, if the borrower is untraceable, you may consider consulting with a legal professional to understand the extent of your liability and explore the possibility of filing a case against the borrower for defaulting on the loan. Additionally, review the terms of the surety agreement and seek legal advice to asse ...ReadMore
Someone sold me a mobile phone and it's emi is pending.
Someone sold me a mobile phone and it's emi is pending he assured me that the last due is after 2 days and now his mobile number if switched off. what should I do? because the phone will get ocked I a
4 months ago
A. Dear Client,
A hypothecated article/item cannot be a subject matter of the transaction of sale or purchase in the absence of consent from the lender., Once a loan becomes unpaid, the lender shall proceed with the routine process of recovery of the loan from the borrower who sold the mobile to you. 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 seller for any criminal act or conspiracy and ...ReadMore
Course cancellation
Enrolled in an online course and requested for loan cancelation. Researched about the institute and compiled all the negative reviews of past students. They are asking me to pay 40000 towards the cour
4 months ago
A. Dear Client,
In the given situation, file a complaint before the Dist. Consumer Commission under Sec.35 of the Consumer Protection Act, 2019 against both the Instittute and bajaj finance for deficiency in service and unfair trade practice claiming refund of course fees on cancellation of the course and compensation for harassment. Complaint must be filed within two years from the date of cause of action. Reach out to an Advocate for guidance and steps.
Advice regarding unsecured business loan
My father take loan of 150000 from bharat finance inclusion(which is subsidiary of insulnd bank).one weekly emi was bounced on this friday.Unit manager and there bank employees came to my house that t
4 months ago
A. Dear Client,
Lenders are not legally obliged to settle a debt lowering your outstanding debt, but because they want to protect their bottom line, they may agree to a debt settlement to avoid further financial loss. You can try to negotiate a debt settlement on your own if your pocket permits to repay the entire outstanding at a time for one-time settlement of dues, but sometimes it's typically done through third parties like debt relief companies, which you may hire to negotiate the settlement ...ReadMore
