Physical jewel loan

muthuraajan.j (Querist) 07 January 2016 This query is : Resolved
my friend pledged his jewel and obtained loan a sum of Rs.1,50,000/-from MANAPURAM PVT FINANCE LTD,in Tamilnadu.Four months of interest not paid,hence default.Now,from finance company they sent a sms and gave information that,because of default the said jewel has been sent to their Auction centre.If it is possible,and what are the remedies to my friend

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ADV-JEEVAN PATIL, MUMBAI (Expert) 07 January 2016
Though advice is free but any correspondence to resolve problems is not possible.if u wish contact with details on 9869400938, jeevansci@yahoo com

P. Venu (Expert) 08 January 2016
What remedy does the Notice suggest.

Rajendra K Goyal (Expert) 08 January 2016
All the documents including agreement and notice need to be referred, consult local lawyer.

Personally I prefer PSU banks, they are not much harassing on default of some installment and try to follow rules.

Sudhir Kumar, Advocate (Expert) 08 January 2016
LET YOUR FRIEND PAY THE DUES.

Dr J C Vashista (Expert) 09 January 2016
I agree with the expert advise of Sh. Rajendra K Goyal and Sh. Sudhir Kumar, tell your friend to clear all dues immediately i.e., before the date of auction.

K.S.Srinivas (Expert) 11 January 2016
In the interest of your friend, let him clear the dues before the auction.

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