Hello I had taken a loan from cash bean now it's been 9 days because of lockdown I couldn't pay because I get my pay on daily wages but they are sending me a message like we will send a legal notice we ll file an FIR on your name in the nearby station but they don't understand my situation wt should I do in this situationRead More

Posted on 31 Mar 2020 | No Answers Yet

We got a contract for 6-month Operation & maintenance service, After completing our contract(6-month service), the company paid as only 4.5-month payment. balance 1.5-month invoice payment pending with Company & no response from the company. kindly advice.Read More

Posted on 30 Mar 2020 | No Answers Yet

Tanya Mahajan | Legistify

Tanya Mahajan
Answered on 31 Mar 2020

The Micro, Small and Medium Enterprises Development Act, 2006, made provisions to mitigate the problem of delayed payment, whereby any buyer who fails to make payment to MSMEs, as per agreed terms or a maximum of 45 days, would be liable to pay monthly compounded interest at three times the bank rate notified by RBI.Read More

Posted on 30 Mar 2020 | 1 Answer

I have taken a loan from NBFC, and due to the COVID-19 lockdown I was not able to pay the loan back due to work is totally stopped, the finance company is sending payment messages to the list of contacts in my phone stating that I have given them the phone number from my contact list and some id proof as a guarantor and they have to pay the loan amount if I don't pay, this is the false information the NBFC is providing to all my contacts, I have not given any id proof for any guarantor. Please, anybody, advise me in this matter so that I can take action against the NBFC.Read More

Posted on 30 Mar 2020 | No Answers Yet

My cousin sister's husband after finding the scheme attractive had willingly given me in Cash 14 lakhs to invest in a currency trading company recommended by me for good returns. I invested the cash amount given to me by my said cousin's husband, in my wife's name and have receipts issued by the said company. I too had invested 27 lakhs my self in the same company. The owner's company turned out to be a fraud and cheated many investors. Presently, post the Police FIR done by me, the owner was apprehended and put in jail and got bail and a civil case is going on in court against the company owner. My cousin sister's husband has been mentally torturing me to pay his investment amount back to him since I had ensured him during his investment (cash) that his money is my responsibility assuming ignorantly that the company as credible and trustworthy. I have sold all my valuables and liquidated my savings and paid my cousin's husband more than 5 lakh rupees ( by bank transfer as proof). I had not forced him to invest in the scheme just strongly recommended. I have lost a big amount in investment myself. He knows this fact. Today I am totally insolvent and impoverished to an extent that I cannot pay the remaining balance amount to him. He had also taken profits of his investment in cash from me for 6/7 months amounting to nearly 2 lakhs ( I don't have any proof of these returns to him). Given this plight of mine, I am am very much afraid of my cousin's husband high handed and intimidating tone he uses while talking to me on phone for forcefully paying him back his principal amount of Rs. 10 lakh even though I have paid him more than 5 lakhs out of his 14 lakhs investment. I am very much disturbed and constantly under his threat of creating a big argument by coming to my house. I have an old aged mother, wife and a daughter and I don't want to add more stress and tension in my family life which is already going through a big financial burden. I am in a dilemma as I can't think of how to handle the situation under the agony meted out to me by my cousin's husband as he is a Mohalla committee member of Police and also has some political contacts. Earnestly request for your valuable advice to cope up with the circumstance for much-needed relief.Read More

Posted on 30 Mar 2020 | No Answers Yet

Saachi Khurana | Legistify

Saachi Khurana
Answered on 27 Mar 2020

You can send the reply to the legal notice sent by the bank stating your issues to them and then wait for their reply or if they proceed with the court proceedings then you can contest it.Read More

Posted on 24 Mar 2020 | 2 Answers

Sakshi Yadav | Legistify

Sakshi Yadav
Answered on 26 Mar 2020

Even if you have transferred an amount to your Brother-in-law company account, they have to show them in their Company account Books regarding this transaction as you must know every transaction which is done in Company accounts needs to be justified. So, you don't have to worry regarding the same till any dispute arises.Read More

Posted on 24 Mar 2020 | 1 Answer

Tanya Mahajan | Legistify

Tanya Mahajan
Answered on 30 Mar 2020

Yes, the bank can take the legal action after 14 years of loan default. If a borrower is unable to maintain the terms and conditions of his loan, he can request the lender to relax the same. This may lead to a reduction of charges, lowering of interest rate, lengthening of the loan tenure, a moratorium on interest, etc.Read More

Posted on 24 Mar 2020 | 2 Answers

Saachi Khurana | Legistify

Saachi Khurana
Answered on 25 Mar 2020

You reply to the notice first with proper points that why cant you pay the payment or why there is delay in the payment. If you don't repay on time they will file court caseRead More

Posted on 23 Mar 2020 | 1 Answer

My wife and I had invested in shares and FD's in Adarsh credit society. Kindly let us know what we need to do to get our invested money back. Do I need to file a case if so how and against whom?Read More

Posted on 23 Mar 2020 | No Answers Yet