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Bank issue notice under section 25c
18-Oct-2024 (In Recovery Law)
Sir I am having loan with one private institution from last 3 years & paying emi time to time but last year having stroke paralysis and I have to leave my job for that reason but still paying emi but I have missed one emi and bank issue notice under section 25c but iam in not a conditon to pay loan currently but they harrassing me
If you've received a notice regarding loan default, take immediate action: respond within 15 days requesting loan restructuring. For dishonored ECS payments, Section 25(c) of the Payment and Settlement Systems Act operates similarly to Section 138 of NI Act, making it a criminal offense. Once three EMIs are in default, your account will be classified as a Non-Performing Asset (NPA). If the loan is secured by a mortgage, the bank can initiate proceedings under the SARFAESI Act (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) to recover their dues, which may ultimately lead to property auction. Therefore, it's crucial to address the default promptly through either payment or restructuring to avoid these serious consequences.
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Adv. Navaneetha Krishnan T
Mumbai | 25+ Answers
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Well, if you are getting harrassed, abused, beaten or/and threatened continuosly by Loan Recovery Agents, you can lodge a Complaint with RBI, Banking Ombudsman, Finance Ministry. Parallely, lodge a Police Complaint and try to get that Complaint converted into a FIR against such Loan Recovery Agents.
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Adv. Pankaj Bajaj
Mumbai | 1000+ Answers
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