Regarding bank loan
nitinsharma
(Querist) 23 December 2015
This query is : Resolved
Dear Sir/mam,
I am a bank defaulter, I used a credit card and could not make payment of 25000/- due to some reason for few year. I was not having a job for more than 1.5year. Now I am working but running from bad financial situation.
I was getting frequently call from bank and I assured them that I will make payment but need some more time as I am running from bad financial situation at the moment.
Today in my absent they sent a policeman to my home for arresting me.
Can they arrest me or is there any process required to arrest.
Please let me know what is the process of arresting. Even I did not get any notification of court and anything else.
Looking forward your valuable response.
Thanks
SURESH BV, Advocate
(Expert) 23 December 2015
Dear Nitin Sharma,
Admittedly you are a defaulter. The Bank has every right to recover the money and they should recover the money by due process of law. With out following due of law the police cannot arrest you. Consider the repayment to avoid all sorts of troubles. Now the Banks are also liberal in relaxation of interest rates.
Rajendra K Goyal
(Expert) 23 December 2015
Police can nor arrest you with out following legal procedure. Discuss full situation with local lawyer.
SAINATH DEVALLA
(Expert) 24 December 2015
The police cannot come to U unless there is a warrant from the court.The person who came may be a fake one.These are the tactics adopted by the recovery agencies.But better go for a settlement with the bank and avoid further hurdles.
Advocate. Arunagiri
(Expert) 24 December 2015
These are all the plans of the collection agencies.
You can lodge a complaint to the Superintendent of Police, regarding a fake police visit.
Sudhir Kumar, Advocate
(Expert) 24 December 2015
Please come correct to the facts.
whether any cheque by you is bounced and you have failed to attend court on notice. If yes the police can come with NBW.
Sudhir Kumar, Advocate
(Expert) 24 December 2015
In any case bank has a right to recover their money with interest and your being jobless is none of their fault.
SAINATH DEVALLA
(Expert) 25 December 2015
At the time of documentation U would have given cheques as security,then the bank has a right to proceed criminally U/S 138 NI ACT. If so U would have already received legal notices from the legal dept of the bank to that effect.U have to come out with correct facts for a reasonable suggestion from the legal experts.
T. Kalaiselvan, Advocate
(Expert) 03 January 2016
You may answer the queries raised by expert Mr. Sudhir Kumar.
While seeking clarifications here yo should not suppress any information or else you will get wrong guidance.
