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Could not pay EMI company took bike back and sold what should I do
24-Mar-2023 (In Recovery Law)
Hi, My friend had bought a bike before 2.5 years on loan.He has been paying the dues for the past 2 years.But he couldn't pay the due for the past 4 months.Due to which, the finance company came and took the bike last month and sold it this month. He went and inquired in the office. They told that they had send a letter to the old house address.But since he shifted his house before 8 months,he didnot get any notification regarding this.Now, what happened to all the money he had paid all these years.Now, he has lost the money and the bike.They have taken money from bank this month also.help!
The bank usually disposes off by way of auction such movables with 15 - 30 days and recovers its amount by such auction. If in case you have not received any notice regarding the same then you can write an email to the bank and if no resolution is made, then you can send a legal notice to bank and sue the bank.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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