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EMI stopped due to high rate of interest can bank attach my salary?
30-Jan-2023 (In Recovery Law)
i had borrowed a loan in april 2014 and got it top over in dec 2014 ,rs 140000and 105000 were credited to me ,the bank ( fultron company) told me the rate of interest is 16percent which they will charge, no copy of agremment given to me after repeated requests and e mails,i have stopped paying emis and writen a protest letter this month.what action they can take .can a decree be passed for attachment of my salary if so can i appeal for stay.i also wrote that there is no clarity of rate of interest ,and they also got my sign on two blank papers can they make my company a party in the case.
Send a legal notice to the company you have borrowed from. It is doubtful that it is functioning as a bank and in any event they are in violation of RBI guidelines. That can find a summary suit against you which you will have to defend. Assets can be attached based on the documents you have signed. It would be best to proceed in the matter swiftly before the issue escalates to litigation. Feel free to get in touch with us if we could be of any further assistance.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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