Legal Question in Credit and Debt Law in India

Herassment by the debt collectors

Sir,

I have taken Rs 2 lacks personal loan from Idbi Bank in Aug 2005. Till September 2006, I was prompt in paying the EMI. In September 2006, I wanted to Preclose the loan and I have approached the bank. They have straight away denied the preclosure and asked me to wait for one month. Unfortunately, I have landed into financial troubles and could not pay the EMI afterwards. Now the banks collection agents calls me and scolding me using bad language and threatening me. Past two days I am getting calls from various agents and they are herassing me. They are telling me that they comeup with an arrest warrant and they take off my job and they take me into thier custody and so on. I am really scared to even go out in this situation. Could you please let me know what shall i do in this scenario?

Thanks and Regards,

--name removed--


Asked on 12/01/06, 9:15 am

2 Answers from Attorneys
Jitendra Kumar Kumar Pandey & Co.

Re: Herassment by the debt collectors

File a complaint with police first and wait for a few days.If there is no action on the part of the police,file a criminal complaint against the bank and recovery agents before the court of magistrate because agents and bankers are doing illegal things and courts are keeping these elements on watch.yes,they are entitle to recover money from you but only by following the process of law.

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Answered on 12/02/06, 12:44 am

Re: Herassment by the debt collectors

dear sir,

donot worry.all the threats are just pressure tactics.you are advised to make a complaint to police about threat and also furnish details of their phone nos etc.you are advised to make some payment to pay EMI.THE DISPUTE IS OF CIVIL DISPUTE FOR WHICH Civil suit lies but no criminal case is made out.the agreement if any with IDBI is required to be seen to give proper advice.donot scumbed to threats and fight them.

for any other query pl.cal on 9873343288.

thanks.

siddharth

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Answered on 12/01/06, 9:38 am


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