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Not able to pay car loan bank took car agents threatening for dues
08-Jul-2023 (In Recovery Law)
My husband and father in-law has been getting lots of phone calls for car balance recovery from a recovery agent. its been more then 2 years that our car was taken due to non payment of 2 EMIs by the financial company and was sold without any notice to us. Off late getting call to make the payment of 55000 and there are ready to settle for 32000 also. Want to make sure if are to pay the balance or no . i think we should not ?
The Hon'ble supreme court in a matter concerning ICICI Bank, had come down heavily on the illegal practices of the recovery agents. Ideally, the Finance Company should not have forcibly taken possession from you and should not have sold the car at any price without your consent. You should have also protested against this. Anyways, if the recovery agents are threatening you, immediately file a police complaint against the financial institution and the recovery agents. If the police authorities do not co-operate, you can file a private complaint in the court of law. Nobody is allowed to take take law in hand. The finance company has to file a suit for recovery against you in the court of law and get adjudication on its entitlement. The courts will decide whether you are liable to pay any amount to the financial company.
Helpful?
23+
23+
Adv. Unmesh Gopal Dindore
Pune | 100+ Answers
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Dear madam,
since car has been sold, no further damage is expected. However, legally no party can be pressurized or harassed. The Bank should file proceeding for recovery with appropriate Court for recovery. We can advise on balance payment only after personally discussing the matter since entire details are not with me.
since car has been sold, no further damage is expected. However, legally no party can be pressurized or harassed. The Bank should file proceeding for recovery with appropriate Court for recovery. We can advise on balance payment only after personally discussing the matter since entire details are not with me.
Helpful?
25+
25+
Adv. Sunil Kadam
Mumbai | 100+ Answers
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