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Recovery agents sent home to collect balance emi what to do now.
27-Nov-2023 (In Banking / Finance Law)
by bike was stolen from my house in the month of july'16. filed for FIR and received the same in 3 days. produced the copy at bhusan auto finance in which the bike was financed. two years emi dues are pending, the finance company is sending goons to collect the pending dues. since the insurance expired, i could not able to avail the insurance cover. legally what should i do next? whats the normal procedure? one of the collection manager of bhusan auto finance hinted me that they cannot collect any money from me post bike theft. only they have the option to settle the same amicably.
It is your mistake that u failed to renew the policy, and moreover loan was extended based on credentials and the said bike was only collateral, so try to square of the same, and try to follow up the case with police. Do not go by individual opinion. go by what law says.
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Adv. RS Raghavan
Chennai | 100+ Answers
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