What legal actions can I take regarding bounced EMI complaints?
I took an unsecured business loan from IIFL Finance online with 24 EMIs. I paid 16 EMIs regularly, but 3 EMIs bounced due to ECS failure. The principal amount is ₹29,500, and the due amount today is ₹17,000. The finance company has filed a complaint in the Magistrate Court of Calcutta, under charges of sections 120B, 406, 420, and 422 of IPC 1860. I live in Ahmednagar district, Maharashtra, and the hearing date is 31.07.2024. What can I do, as I am 50% mentally ill?
Sir, you should consult a lawyer as soon as possible to understand the charges against you. You can try negotiating with IIFL Finance for a repayment plan or lower amount, explaining your financial difficulties and mental health condition. Make sure to inform the court about your health when you go for the hearing on 31.07.2024. If you are worried about being arrested, you can ask for bail, especially considering your mental illness. For further legal assistance contact us on our helpline number.
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