How to Legally Protect Myself from NBFC Recovery Actions for Unsecured Loans, ECS Dishonor,
"I am facing a serious financial issue and need legal advice. Here are the details of my situation:
1. I have taken multiple unsecured loans from NBFCs and banks, totaling ₹16 lakh.
2. One of the NBFCs gave me a pre-approved loan without any income proof, collateral, or physical cheques, and I have been unable to repay the EMIs due to financial hardship.
3. I have already paid EMIs for 1.5 years, but due to my circumstances (family responsibilities and financial struggles), I am unable to continue paying.
4. The NBFC has threatened to file an ECS dishonor case under Section 138 of the NI Act, but I have not issued any physical cheques.
5. I need one year to arrange funds for a one-time settlement (OTS) and avoid legal escalation.
6. The NBFC has also engaged in unethical practices like harassment, fake Lok Adalat notices, and threats to disclose personal information, which I want to report
My question are
1. Can I approach the Debt Recovery Tribunal (DRT) to protect myself and request time for settlement?
2. If they file a case in another state (e.g., Delhi or Mumbai), how can I manage the hearings while living in West Bengal?
3. How can I legally respond to the ECS dishonor case if filed?
4. What legal steps can I take against the NBFC for harassment and unethical practices?
5. Should I negotiate with them directly or wait for them to file a case?
6. If I go to judicial custody temporarily, will it relieve me from further recovery actions?
I need advice on how to handle this situation legally, protect myself, and secure enough time to settle my debts