Hi All,
I'm Murali from chennai, India. I got a loan of RS. 30, 000 @ 5.36% from GE finance and agreed to repay it in 24 months at RS. 2, 145 per month. I paid for 13 months. Based on that, they again gave me RS. 22, 194 @ 46.34% and agreed to repay it in 25 months at RS. 2, 145 per month. This time I paid for 13 months. So, totally I paid 26 dues, each RS. 2, 145. I have to repay 23 dues, each RS. 2, 145. So, I borrowed RS. 52, 000 from them and I have repayed RS. 65, 000. GE called me up and asking me to pay RS. 30, 000 as a settlement and they will issue loan closure certificate. As of now, I'm financially down and I'm not in a position to pay such a huge amount. As I'm a bank employee, they are threatening that they will come to my working place and issues legal notice.
My question here is: If they issue legal notice and drag me to civil court, what are all the fraudulent charges that will be imposed on me? At what extreme can they go? what should I do now? If they threaten me again, Can I give a police complaint on them?
Please advice me. I'm really in trouble.
Thanks a lot in advance.
Murali.
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