About repayment of vehicle loan
bharath
(Querist) 19 March 2013
This query is : Resolved
Dear all experts,
I took Vehicle loan from Bussan Auto Finance Rs 72000/- on Aug 2012
monthly eMI - 3665/-
But i paid upto 7 EMI. But in 8th month i failed pay EMI. on 11/03/2013 ,short of my personal problem,
after 5 days they called me you can pay before 21/03/2013 if not pay. we can give legal notice ,
sir i have more problem in money present time. if i failed to pay before 21/03/2013
any problem will happen to me in future?
or what is time limit for legal notice?
Now i am critical condition. i can pay after 25th March 2013
Please give me good sugession sir
Please sugest me sir
Advocate M.Bhadra
(Expert) 19 March 2013
Send a Legal Notice to the said Finance Company by requesting them for revised payment schedule of EMI in view of your financial constraint.
No forcible taking of vehicles on default of loan payment: SC
Dhananjay Mahapatra, TNN Nov 16, 2011, 03.23AM IST
Tags:
Supreme Court|
reserve bank of india|
No forcible taking of vehicles|
default of loan payment
NEW DELHI: The Supreme Court has warned financial institutions and banks against forcible taking away of vehicles under hire-purchase agreement when there is a default in payment of loans and said they could be saddled with punitive costs if they did so.
"Even in case of mortgaged goods subject to hire-purchase agreements, the recovery process has to be in accordance with law and the recovery process referred to in the agreements also contemplates such recovery to be effected in due process of law and not by use of force," said a bench of Justices Altamas Kabir, Cyriac Joseph and S S Nijjar.
bharath
(Querist) 19 March 2013
Dear sir,
please explain me if any problem during couldnt make upto 25 th march 2013 . they called by phone . we can give legal notice on 21st march 2013.
sir sugest me any solutions?
Advocate M.Bhadra
(Expert) 19 March 2013
You can file a suit for Declaration and Injunction against the Finance company in a Civil Court in jurisdiction where the loan was sanctioned.Therefore matter will be sub-judice where you can get enough tine to re-pay the same,you should also serve copy to your local Police Station.
Devajyoti Barman
(Expert) 19 March 2013
Do not waste time. File a civil suit and ask for injunction.
