Two wheeler loan settlement
Sunil
(Querist) 11 June 2017
This query is : Resolved
I took a two wheeler loan in the year 2013 under EMI for tenure of 24 months. As i fell sick I was unable to pay my last 4 dues. Now i would like to close my dues. I contacted the finance company and they said that they had sold my documents to a private party and I will have to settle the due with them only. After gathering this information I contacted the private party. He said that the pending EMI's, bank charges, interest, etc totally amount to around Rs.12000/-. He said that after waiving off the bank charges and interest I will have to Pay around Rs.8000 and after settling Rs.8000 he will issue the NOC.
I would like to know that Is it legal to settle the pending dues with the private party instead of the finance company. If I settle the pending dues with the private party, will it be made accountable? As the finance company has written off the loan Will the amount to be paid stand legal for issuing NOC and who will issue the NOC and will it get updated in the Cibil?
Please help me out with proper and clear suggestion.
Dr J C Vashista
(Expert) 11 June 2017
Settle the matter with financier and buy peace for you.
P. Venu
(Expert) 11 June 2017
Had the finance company informed you of the alleged sale of the debt?
Kumar Doab
(Expert) 11 June 2017
Reply to point raised by Shri P.Venu.
Kumar Doab
(Expert) 11 June 2017
Prefer to transact in writing under proper acknowledgment/POD with Finance company.
Kumar Doab
(Expert) 11 June 2017
Member (say Finance Company) alone can call back your name from list of defaulters.
It is unlikely that it shall do it.
Kumar Doab
(Expert) 11 June 2017
If you are unable to handle on your own entrust to a very able senior local counsel of unshakable repute and integrity specializing in consumer matters..............
krishna mohan
(Expert) 12 June 2017
Any change need to be informed to you as the member availed the loan. If the company has been merged with another entity based on documents, you can settle with the new entity. But the entity who has given loan need to authorize you to pay to settle the loan with new entity in writing and on the basis of that you can settle if you are convinced about money payable.
