Dear Advisors,
I have some problem with one Finance Company in my home town;
In 1998 I had obtained a personal loan of 50k, at the rate of 4% per month. till 2000 i paid by 64k to the Finance(i got the recipts), After that the finance company did not turn up & even i had to move arround for the job. its nearly 12 years.
Till date there is no written communication from the finance company for recovery nor they have deposited the cheques given to them at the time of loan.
After my enquirey about the finance; the finance company is changed to credit society & all the partners in the finance are changed.
Now my Question is:-
1. Will the finance company come for the recovery after such a long gap.
2. What legal steps the finance company can take.
3. What should be my step to safeguaed my self.
4. Is there any law for my protection of my self.
let me remind you that I hve not recied any communication till date nor i have attampted to pay any amount for renival of the account after 2000.
Waiting for your valuable advise.
Thanking You,
with regards
Sagar.
