2 Answers
Dear Client,
Under the Indian Contract Act, agreements by way of wager are considered to be void, as per Section 30. This means that a court will not enforce a bet. However, the loans taken by you from the apps are a separate contract. At such a time, it is advised to remain cautious. Do not pay before getting a written statement or agreement with release receipt. Do not share any personal ID credential or panic borrow from any other apps. The lender can sue you to recover the loan, unless the app in itself operates illegally. So, your debt is payable, but there is still legal support available for you to use.
To begin with, stop any borrowing any more money and do not pay the to any unknown or illegal collectors. Check the legality of the lender in the app and whether it claims to be an RBI regulated entity. If no proper registration is shown, consider it as potentially unauthorised or rogue. You can get relief from illegal loan by reporting to cyber cell through National Cyber Crime Portal, seeking police protection or by filing a consumer complaint. If the lender seems legal, it can sue you for recovery of the amount. Contact the lender suggesting either an EMI plan which is affordable or a lump sum one-time settlement for a reduced amount. Try to negotiate for a settlement. Get the agreed offer is writing. Hire a lawyer who can help you throughout the procedure. I hope this helps you. If you have any further queries, please feel free to reach out.
Dear Client, as per your query, to clear a ₹4 lakh debt from online lending apps that has crept up because of gaming losses, stop paying sky-high interest immediately. Lodge a complaint with the Cyber Crime Cell (1930/cybercrime.gov.in) and file a police complaint against the harassment by these lending apps. If they are not legal or authorized entities, demand a principal-only repayment. I hope this answer is helpful. In case of further queries, please do not hesitate to contact us.
Thank You.