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Was unable to pay chit amount after bidding due to losa of job


07-Nov-2023 (In Recovery Law)
I have enrolled in a chit for amount of 3 lakhs. I have bid the chit 2.1 lakhs and I was unable to provide the guarantee as asked by them. But I was able to provide 2 private business man as security later out of the total bid amount they have gave only 55000. And the remaining amount they kept it with them in the form of bond on my name. Later loosing job I am unable to pay. They sent notice saying if I didn't pay money they will proceed legally. They also took 2 cheques at time giving 55000.
Answers (1)

Answer #1
634 votes
hi first need to see the copy of legal notice received by you and its contents and based on that you could proceed accordingly amd give them an appropriate reply and if they took any action on the cheques then could proceed accordingly
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