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ARC is asking to pay the entire loan without considering which is paid
18-Feb-2023 (In Recovery Law)
My friend got an education loan from a PSU. He paid 1/4 of the loan amount and later got a interest subsidy. Due to some financial problems he was not able to pay few EMI and was sold to the ARC for recovery. Now the ARC is asking to pay the entire loan amount without considering the amount that was already paid. And also they are not ready to provide any legal document like the amount to be paid in a document, statement of account for the payment that would be made, and they are saying that NOC will be provided after 15 days of closure. But everything in words, no document what should we do
You can approach the financial institution and request them to provide you with a different payment plan. You are bound to pay back the dues that you owe to the Financial Institution. You only owe the amount that is left to pay. The financial institution cannot use any recovery agents to recover the due amount. You can file a complaint in any police station if the financial intuition is using any recovery agents for recovery of the dues. Loan amount can only be recovered by filing a recovery suit under CPC.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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