- This topic has 49 replies, 39 voices, and was last updated 1 year, 2 months ago by
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IMy friend got a bike on my card…he used to pay regular instalments for the 2.5lakh rupees bikes .the monthly instalment is โน6k. But recently he has stopped paying me the amount? The money is getting deducted from my account what legal remedy do i have now? Can i get the bike be given to the bank and they will sell the bike and i can keep the sale proceeds that I will get from the bank..can he file any case on me if i do so? Or what?
Ps he is also threatening me now, so can i use the whatsapp SS in court to prove charge of criminal intimidation…or what else remedy do i have or can i file a suit like recovery of loan or something in civil court? -
SNAL. If the bike is not in your name then I think you should contact the bank and stop payments. I don’t think there will be any problem.
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PBank will never issue loan if bike is not in his name. Just think, what if bike is someone else’s name and loan on someone else’s. If that party stop paying emis then bank has no way to recover since bike owner is someone else.
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Sเคฌเฅเคเคพ เคธเฅเฅ เคธเฅเฅ เคเฅเคคเคฟเคฏเคพ เคเฅเคฒเฅเค เคเฅ เคซเฅเคธ เคฒเคพเคเฅ เคฎเฅเค เคนเฅเคคเฅ เคนเฅเฅค เคคเฅ เคคเฅ เคขเคพเค เคฒเคพเค เคฎเฅเค เคเคคเฅเคคเคพ เคฌเฅเคฟเคฏเคพ เคเฅเคฐเฅเคธ เคธเฅเค เคฐเคนเคพ เคนเฅเฅค เคฆเฅ เคฆเฅ เคชเฅเคธเฅ เคเคฐ เค เคเคฒเฅ เคฌเคพเคฐ เคเคธเฅ เคฌเฅเคตเคเฅเคซเฅ เคฎเคค เคเคฐเคฟเคฏเฅเฅค เคฐเฅเคฎเฅเคฎเฅเคฌเฅเคฐ เคฅเคฟเคธ เคฒเฅเคธเคจ เคเคฒเคตเฅเคเฅค
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DAs a rule of thumb, always take full payment and then only swipe your card. NEVER let anyone take EMI on your card
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STo expand on this, if he was able to pay EMI, he would have gotten the loan himself. The bank denying him the loan is in itself a pretty big red flag.
It is always a bad idea to swipe for a friend and you will most likely never see that amount fully repaid.
Only exceptions i would make would be for any sort of medical emergency and even then i would make sure to not risk my financial stability in the worst casd scenario.
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VA lawyer here.
You cannot and should not give the bike to the bank. First, they cannot auction it to adjust money against your liability without declaring your account NPA. If they declare your account NPA, your CIBIL gets hurt. Besides, the auction money is way too less to completely set-off your liability. The bike will get sold at a lesser amount than what it might attract if you try to sell it. The remaining deficit amount will still be there and you’d be required to pay it. So the problem will not get solved, and you’ll lose your CIBIL too. So, this is a bad idea.You have two options. First, sell the bike in the market and use the money to pay off as much debt as you can. But you will still have to pay the remaining amount.
Second, send a legal notice followed by a civil suit for recovery of money. This would be a good case only if you have some proof that the bike was purchased for him at his instance, and that he promised you to pay all the EMIs. If you don’t have that, there is little point in jostling in courts.
And no, he cannot file a case against you for selling the bike IF the bike is in your name.
Lastly, a little trick: if he is in the possession of the bike, register a FIR alleging theft – that he stole your bike. You’ll get the bike, he gets the trouble, and then, maybe, he understands.
Edit: You can also sell the bike to someone, and ask him to get the EMI transferred in his name. It is possible and is routinely done with vehicles under loan.
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ITysm the best advice i got here by now….just one thing..
In the initial months he has made upi payments to me for the bike payment…can he use it in any way if i sell that bike or bring it in any use?which is at the moment in his possession?Ps actually all this has happened with my cousin ,he has approached me because my father is a lawyer and i have just started doing law..and he is scared to tell all this to my father, at this moment
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VYou can always say that you borrowed for an EMI, and you’ll pay that back. It is better to pay 4-5 EMIS than bearing the burden for all instalments. But to recover that also, he will need to hire a lawyer and sue you. Do you you think that he will go to the extent of paying a lawyer and going to court for a few EMIS? I think it is less probable.
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ROne thing here though. Filing and FIR for theft might not be appropriate if OP decides to file a suit, since in the suit he will be claiming that the bike was purchased at the instance of the friend and for his use and ultimate ownership. For theft, OP will have to claim that the bike in fact is his, and was for his use and ownership. There will also be the trouble of explaining when and how the bike was taken from OP’s possession, since that’ll necessarily have to be pleaded to make out an offence of theft. Maybe criminal misappropriation? OP can claim that the bike was ultimately for the use and ownership of the friend but was given in trust only for use and not ownership till the payments were fully made, but it’s a bit of a stretch.
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ENot a lawyer, but if the RTO and RC show his name, itโs not theft and FIR seems illogical.
Is there a formal loan? If yes, then the loan has to be on your name and thus your name on RC.
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POne of My office colleagues bought a washing machine and another bought a mobile on EMI with my credit card. After sometime they started missing payment stating different excuses. Eventually they paid.
After that there were many people who tried to convince me to let them use my card for EMIs. I simply denied them. I even tell them I have closed my cards.
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EAs advised above by a lawyer, send a legal court notice and your friend will shit in his pants especially if he is working a job.
Another option is to create a drama at his home and take away his bike.
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DSince op is from a legal background, fir for theft is a better way. The cop may take a nominal tip because this will be the best way to take possession of the bike.
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CIs this a bike loan being paid by CC emi? Have you signed any papers? Is the bike collateral? Don’t think so…
In whose name is the bike registered?
Surely, if you are studying law then you should take all this into account and mention the details here for correct advice.
If the bike is in your friends name then your options are limited.
If in your name you can just go and take the bike back and do what you want.
Life lessons….
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RFile an FIR for bike theft and inform them that he may have stolen it…explain them the situation beforehand…they will bring him to the station and whack his a$$ and either give u the bike or make him pay the whole amount…let the police mediate and do not give back the bike until full amount is repaid
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LIt sounds like a tough situation. Youโve trusted your friend, and now youโre facing financial and emotional stress because of their actions. If your friend isnโt making payments, the bank can hold you responsible since the loan is tied to your card. You could talk to the bank about options like taking possession of the bike or restructuring the loan. As for legal action, criminal intimidation via threats can be reported, and WhatsApp messages could be useful in court. In civil court, you can file a recovery suit for the money owed. Itโs really important to get legal advice from a professional who can guide you through this.
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