How do I file a case against a money lender?

If you have the valid agreement then you must pay as per the agreed terms in the agreement. If your relative’s claims are are ultra vires to the agreement then you can go for a civil suit. Also if he is showinh force etc then you can file a criminal complaint in your local area police station.

Can we complain to police if someone owes you money?

If you have given the money to your friend by way of cheque , or RTGS then you can file a civil suit thereby seeking recovery of your money. You can further file a complaint for cheating under Section 420 of IPC.

What can you do if someone doesn’t give you money back?

Talk to your friend and understand what’s stopping him from the repayment. If he is in a difficult situation, give him the option of repayment in instalments. Give a monthly timeline to return the borrowed fund slowly. Help the friend form a budget or an investment plan to raise the money.

Where do I file a complaint against a finance company?

The Reserve Bank of India (RBI) has introduced a complaint management system (CMS) on its website. Through this portal you can file complaints against all financial service providers such as banks and non-banking financial companies (NBFCs), which are regulated by the central bank.

Can I lend money without a license?

Applicability for registration and exemption. The Money Lending Act states that no money lender shall carry on the business of money-lending except in the area for which he has been granted a licence.

How do you deal with illegal money lenders?

Paying your unscrupulous lender shows them that you’re still within their influence. Once you have identified your lender as a loan shark, you should stop paying them anything. Please report them to authorities immediately and hold fast until help arrives. Never give them a single cent.

Is loan sharking a criminal Offence?

It’s a criminal offence to lend money for profit without a consumer credit licence, although it’s not illegal to borrow from such a company or person. Someone who engages in unlicensed lending is typically known as a loan shark. Loan sharks often lend money alongside another legal or illegal business.

Can I sue a person who owes me money?

Yes, you can sue someone who owes you money. When someone keeps “forgetting” to pay you or flat out refuses to pay up, the situation can quickly become frustrating. You can take the issue to a small claims court and pursue legal action if it meets the minimum and maximum money thresholds.

How can I complain against microfinance?

If your complaint is not resolved by within 15 working days, the customer can call the Toll free number 18002700317 of Microfinance Institutions Network (MFIN) which is an Independent body recognized as Self-Regulatory Organisation (SRO) by the Reserve Bank of India to redress customer complaints.