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I took 10,000 rupees from smartcoin loan app and did not pay. Help Needed for SmartCoin Legal Notice
04-Jul-2024 (In Recovery Law)
A legal notice from SmartCoin (now Olyv) usually concerns non-payment of a loan or default on EMIs. It's a formal warning sent by the lender to the borrower, demanding that the outstanding dues be cleared within a specified period often within 7 to 15 days.
The notice may mention:
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The loan amount due and penalties or interest accrued
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A deadline to make the payment
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A warning that legal action (such as filing a case or affecting your credit score) will be taken if the dues aren't cleared
While this notice is not the same as a court case, ignoring it can lead to further legal consequences, such as a case in the Debt Recovery Tribunal (DRT) or a negative mark on your CIBIL score.
If you've received such a notice:
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Don't ignore it
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Respond in writing if you disagree with the claims
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Consider consulting a lawyer or contacting the company for settlement or negotiation options
Adv. Chikirsha Mohanty
Delhi | 200+ Answers
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Adv. Baddam Aravind Reddy
Adv. Baddam Aravind Reddy
Secunderabad | 1000+ Answers
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Adv. Bonthu Lokesh Phanindra Reddy
Adv. Bonthu Lokesh Phanindra Reddy
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