Loan default
Hussain
(Querist) 31 August 2019
This query is : Resolved
I had taken a loan from fullerton India indore. I defaulted on emi from last 6 months due to my mom hospitalisation. They then initiated a loan settlement process of 44000 in which I paid 20000 but was unable to pay the remaining balance amount. Now they say that 20000 will be put in penalty amount and a legal procedure would be initiated in Delhi High court and police would arrest me.
Hussain
(Querist) 31 August 2019
I also have settlement letter which mentions all the detail.
SHIRISH PAWAR, 7738990900
(Expert) 31 August 2019
You cannot avoid paying the outstanding loan. You can pay the settlement amount as per letter or try to settle the loan again.
Dr J C Vashista
(Expert) 01 September 2019
It is fake threat call to initiate any legal action in Delhi High Court or police action, which do not entertain any such case beyond their jurisdiction. Police have no authority to proceed in such case(s).
It would be better to consult a local prudent lawyer for appreciation of facts, guidance and proceeding .
P. Venu
(Expert) 01 September 2019
You need to discharge your liability. But they cannot approach the High Court or Police. This is an empty threat.
