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| Help! - Harassed by private loan sharks | Views: 710 |
| Nov 03, 2009 7:17 pm | | Help! - Harassed by private loan sharks | # |
Shashank VS | | Hello Friends,
One of my best friends and his family are being harassed by private loan sharks from who they had borrowed money – inspite of having paid more interest than the principal amount life has become hell for them.
To top it all one of the loan sharks is threatening to file a police complaint against them!
Is there no remedy for this problem ?
Can anyone help?
If yes please write to me saishashank09@gmail.com
Private Reply to Shashank VS |
| Nov 03, 2009 10:45 pm | | re: Help! - Harassed by private loan sharks | # |
Jasvinder Singh | | Ask your friend to file a police complaint for criminal investigation. Get in touch with the media. PM me for some contacts in the media. Beat up the loan guy black and ble when he comes to your friend's house.
Private Reply to Jasvinder Singh |
| Nov 03, 2009 11:03 pm | | re: re: Help! - Harassed by private loan sharks | # |
Ramanathan Seshan a.k.a Slash | | dude what ever the terms of the loan you friend must have agreed to it before he took the loan. today why is it an issue when he has to payback.
recently even the courts have given a judgement where it has said that even a money lender asking for his money back (irrespective of the kind of pressure) cannot be procecuted if the borrower has commited suicide.
today proper channels like banks are available for funding needs. if your friend had to borrow money from a aloan shark he must not fit any banks risk criteria. ie no bank thought that he was in a position to repay the loan.
he took the loan knowing the rate of interest. now he better pay up.
Private Reply to Ramanathan Seshan a.k.a Slash |
| Nov 04, 2009 12:10 am | | re: re: re: Help! - Harassed by private loan sharks | # |
Chintanaa | | Dear Shashank,
Please check with your friend on the following:
1. Do they have loan agreement written in black n white about the rate of interest and terms?
2. Any collateral being given as security?
3. Is there is a proof for repaying?
4. Is there a witness for harassment?
5. Is the lender a registered financiar? or just a human being with some cash?
6. Is there a witness for harassment?
7. Does the lender have any political back up? Like community favour, politician blessing etc..
Please message me these. I will be able to help a guideline.
Meanwhile, those who criticise the borrower as not being eligible for bank loan, please get educted about the problems in other's life where, sometimes, it is just not possible to get institutions to support and for that reason borrower need not die.
We should know how to solve a problem; otherwise, at least should not criticise and exhibit lack of life skills by commenting negitively and losely on other's problems. Keeping the mouth shut helps.
Chintanaa
Private Reply to Chintanaa |
| Nov 04, 2009 12:58 am | | re: re: re: re: Help! - Harassed by private loan sharks | # |
Pavan Kumar | | Hello,
The First thing you have to do is File a Police Complaint, The terms of the loan does not matter, they should not trouble you physically or mentally.
Once that is done, you can follow any of the good advice others in the forum have discussed.
Pavan
Private Reply to Pavan Kumar |
| Nov 04, 2009 2:41 am | | re: re: re: re: re: Help! - Harassed by private loan sharks | # |
Rajan Urs | | Good moneylenders have no reason to harass the borrower as long as interest is being paid. Their business is to lend money and make profit from the interest. Credit card issuers also do it by allowing the card holder to pay a minimum and carry forward the balance which obviously attracts interest.
In your case it is not easy to determine who is at fault without seeing all the unbiased facts. There are moneylenders who try do predatory lending...meaning they will lend so they can acquire the collateral or harass for more money if you default. If this is the case then it is better to approach the police and file a complaint. Documents are most important in these types of cases otherwise it is very difficult to prove in a court of law.
Private Reply to Rajan Urs |
| Nov 04, 2009 4:09 am | | re: re: re: re: re: re: Help! - Harassed by private loan sharks | # |
Suresh KS | | Try these guys: www.debtdoctor.in
Just heard about them somewhere.
Private Reply to Suresh KS |
| Nov 04, 2009 6:49 am | | re: Help! - Harassed by private loan sharks | # |
Chandra Shekar Moosad | | Hi Shashank
Maybe some things in life aren't what we had bargained for but then it is a lesson nevertheless. If you are in Bangalore then you can meet the Commissioner of Police in the evenings or then the Local MLA it some times works.
If he had loaned the money then he knows how to get it back. Anything negative will bring in retaliation be it words or then deeds. Find some one little more powerful than him and come to a compromise. running to your friends will not help and has the right ingredients to prompt you to do some thing stupid and the subsequent music will have only your ears as beneficiary.
These are the times that you need family support and the simple suggestion is huddle with them something concrete will come of it as after all you you haven't an idea to put up an disappearing act!
I have faced them and have stood my ground and they had backed off but my story is different and I honestly beleive the above suggestion is the sane one.
Private Reply to Chandra Shekar Moosad |
| Nov 04, 2009 11:24 am | | re: re: re: Help! - Harassed by private loan sharks | # |
sharma ananth | | Everybody out there
Pls Follow This Slash /Ramana whatever PAY UP IMMDLY.
Impressive posting Dudie !!!
Private Reply to sharma ananth |
| Nov 05, 2009 11:43 pm | | re: Help! - Harassed by private loan sharks | # |
Biju Abhilash | | Well depends on the amount he has taken ..
Legally yes the Money lender can not harass your friend .. but it happens because we are in India ..
Secondly we have a law In karnataka where money lenders are not supposed to take interest more than 18% annually .. you can file a criminal complaint against the money lender for charging more interest .. or go through court ( register a PCR in court )if the police refuses to file a complaint ..
But the most important fact is whom has he borrowed from and what doc did he sign ..
Well i know money lenders who will actually make you sign the sale deed of your property and possession as security
Mail me more details .. can provide advice for now
Regards
Biju
dbabhil@gmail.com
Private Reply to Biju Abhilash |
| Nov 06, 2009 6:14 am | | re: re: Help! - Harassed by private loan sharks | # |
Ashis Dutta | | @ Biju,
If by law interest above 18% is not legal, how come the banks hawking credit cards charge more?
Private Reply to Ashis Dutta |
| Nov 07, 2009 10:38 am | | re: re: re: Help! - Harassed by private loan sharks | # |
Biju Abhilash | | @ Ashis
Do a google search for laws on Money lenders or Money lenders act ..
Well if you are in karnataka we have the
1)Karnataka Money Lenders Act-1961
2)Karnataka Prohibition of Exorbitant Interest Act 2004
Well why do you think no lawyers get credit card ..
You can file a complaint in the police station against all the credit card companies ..
You can also file a PCR in court against
Well you seem to be forgetting we are in India where most rules are in paper for the common man ..
If you are rich and powerfull you can get away with murder ..
Private Reply to Biju Abhilash |
| Nov 07, 2009 2:22 pm | | re: re: re: re: Help! - Harassed by private loan sharks | # |
Rajan Urs | | Credit cards charge a 'Transaction Fee' or 'Finance Charge' and no interest is charged in the period within which the card holder is supposed to pay the complete amount.
After that they charge a 'late payment fee'....Technically they are not lending money at 18% or above. It is all defined in the well written agreement which only lawyers know how to argue about......Why do you think lawyers DONT need credit cards :)
Private Reply to Rajan Urs |
| Nov 09, 2009 11:20 pm | | re: re: re: re: re: Help! - Harassed by private loan sharks | # |
Shashank VS | | Hi Friends,
It is really heartening to see all these responses including Mr. Slash - if my friend's credit rating has gone for a toss its only because of those sharks!
Both my friend and his wife salaried - supporting aged and sick parents and a special child, whose schooling has been stopped.
They are ready to pay upto 45k per month if somebody can help them get out of this mess. This money can come from their salaries only as they cant offer any other form of collateral/security
Interested to help? Pl PM me or mail me saishashank09@gmail.com
Regards
Shashank
Private Reply to Shashank VS |
| Nov 10, 2009 2:09 am | | re: re: re: re: re: re: Help! - Harassed by private loan sharks | # |
mithee Basu | | Hello,
I am sure that your friend must have tried all means to get help, but getting to know that they have a special child whose schooling is stopped is something that needs to be thought about. Although I am not sure but can your friend go and file a complaint with court / consumer forum to get immediate relief from this harassment?
Aren't there are any NGOs too who can help? Have you tried that route?
Whatever be the case do let us know in what way we may assist at least to get the child continue with education?
regards,
Private Reply to mithee Basu |
| Nov 10, 2009 6:56 am | | re: re: re: re: re: re: re: Help! - Harassed by private loan sharks | # |
Amit Karia | | I have something interesting to share - it might not be relevant in this context but sharing it nonetheless.
I had a credit card with ABN Amro which they promised to give it to me free without annual charges. I used it for a few transactions and repaid what was due to them every month. After a year they charged me an annual charge on the basis of which I requested them to cancel my card on which there was no outstanding - due to some lapse in their system the outstanding continued to show and since the past two years - every month or so I get threatening calls from collection department asking me to pay up or else bear the consequencies - I have asked them to provide me their names, department, telephone numbers, etc but they refuse - I have even complained to ABN directly but it doesnt seem to have stopped - I am not bothered coz I know I am in the right and have written proof of everything, but someone with a weaker heart would succum to such pressure and pay up - the amount is measly - Rs. 2000 or so but I will not pay come what may. The private collection agency seems to have spent more on calling and following up with me :) and I have a laugh everytime they call.
The point being - there is a law if only we can be gutsy enough to stand up for our rights and fight for it with patience coz the law takes its own sweet time. For your friend - without hesitation, no matter who it is - file a police complaint immediately so that in case of any personal injury at any time, atleast there is recorded proof that there was a threat made by these so called money lenders. All the best.
Private Reply to Amit Karia |
| Nov 10, 2009 10:58 am | | re: re: re: re: re: re: re: re: Help! - Harassed by private loan sharks | # |
SHIV KUMAR | | Hi, Nice to see lot of advice pouring in.
What is the loan amount?
What is that exorbitant interest. Pls specify so that you could explore lower interest options.
Since how long has he been paying?
What is the actual problem at hand now? Is it that he has stopped paying the interest / is the lender asking for the principal amount / Is it that your friend has now realised that the interest is high / Is it the harassment that the lender will go to the police and with what complaint?
Private Reply to SHIV KUMAR |
| Nov 13, 2009 3:22 am | | Harassed by private loan sharks-cops siding with the sharks-is the commissioner of police listenin | # |
Shashank VS | | Hi Friends,
One of the loan sharks made an extremely abusive and foul language call to my friend's wife and someone claiming to be a 'cop' just called up and threatened the family - My friend's dad has been admitted to hospital this morning after a heart stroke
Is Mr Bidari listening?
Regards
Shashank
Private Reply to Shashank VS |
| Nov 13, 2009 3:29 am | | pvt loan sharks-cops siding witrh sharks-is the commissioner of police listening | # |
Shashank VS | | Hi Friends,
One of the loan sharks made an extremely abusive and foul language call to my friend's wife and someone claiming to be a 'cop' just called up and threatened the family - My friend's dad has been admitted to hospital this morning after a heart stroke
Is Mr Bidari listening?
Regards
Shashank
Private Reply to Shashank VS |
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