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Legal solution for failure to pay EMIs
03-Aug-2023 (In Banking / Finance Law)
I'm 52 years old, I was working at a private firm. I bought some appliances on my Finance card on behalf of my company as they verbally assured to pay the EMIs. They paid EMIs for like few months then the company had recession I lost my job, and they denied to pay the rest of the installments. Finance people are chasing me now for the money. What can I do? Is there any legal solution?
Since you lost your job and company winded-up, the company is under no obligations to pay your dues. Financial institution needs to be assured of your financial status. If you are able to give them an undertaking in papers that soon your financial status will improve and you will get a new job somewhere. But acceptance of such offer is the discretion of the Financial Institution.
There is another possibility they might pull you to DRT for realization of the amount due. You need to clear the dues. There's no escape.
There is another possibility they might pull you to DRT for realization of the amount due. You need to clear the dues. There's no escape.
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Adv. Robert D Rozario
Mumbai | 100+ Answers
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