Chit payment could not make tye payment
03-May-2023 (In Banking / Finance Law)
Sir, I took a chit for my friend from a private chit company on my name as my friend was in need of money and he asked my help to get money. I helped him by taking the chit on my name. He is one of the guarantor for this chit along with 4 others. I gave whole amount which I received from chit company to him and he used to pay the EMI's. Unfortunately he stopped paying EMI's since several months and chit-fund company is harassing me every day and said they are proceeding legally for recovery. My friend is not responding to my calls and avoiding me. Can you please help how to make him responsible if Chit company go for legal suit on me. Please help. My friend is earning good salary. How to make him equally responsible in this case though I am the main person who took the chit on my name.Please suggest sir, how to deal.
Hi Morgan,
I would suggest you to send him a legal cum demand notice for paying the said chit payments or else he shall be liable. The Legal notice shall cover all the said points.
Regards,
Madhav Nanda
Advocate
I would suggest you to send him a legal cum demand notice for paying the said chit payments or else he shall be liable. The Legal notice shall cover all the said points.
Regards,
Madhav Nanda
Advocate
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