Loan recovery agent approaching to recover 6 year old gulf loans

Dear sir... My query...whether local recovery agent in India is legally authorised to recover 6 year old gulf loans.if they approach me for loan recovery... what document need to verify.

Answers (2)

173 votes

recovery cant be made after 3 years as per law of limitation. the exception is that they had taken steps or filed case within 3 years and u got to know about this now. more details about the case would help us in understanding the entire case

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76 votes

These recovery agents cannot come to you for recovery of a loan which is 6 years old. If its cheque bounced matter or civil recovery matter they have to follow limitation period to file the case.
Procedures followed by recovery agents/agencies are now notified by RBi.

Tell your recovery agents to file case against you & then contest the case 1.limitation ground
Secondly immediately file a police complaint against the recovery agents / bank for mental harassment, threat and illegal means to recover the loan from you rather then approaching through court.

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