Re­cov­ery and Griev­ance Re­dres­sal

Consumer Voice - - Chit Fund -

If a prized sub­scriber dis­ap­pears or is un­able to con­tinue his sub­scrip­tion, then the fore­man or the chit­fund com­pany tries ‘friendly’ per­sua­sion/pres­sure to ob­tain what­ever amount may be re­cov­ered from the ‘de­faulted’ sub­scriber or nom­i­nees/sureties. Com­pa­nies also is­sue le­gal no­tices for re­cov­ery and in ex­treme cases, where higher amounts are in­volved, they file civil suits in court. In case of demise of the prized sub­scriber, his nom­i­nee (men­tioned in the ap­pli­ca­tion form) is al­lowed to con­tinue the sub­scrip­tion. Though chit-fund com­pa­nies take a lot of care in ad­mit­ting a mem­ber, most com­pa­nies see at least a cou­ple of de­fault cases and have to bear the losses of the same. As a sub­scriber, you may have one/more of the fol­low­ing griev­ances even though you have not de­faulted in mak­ing pay­ments/fil­ing sureties: i) you are re­moved from the group ii) you have not re­ceived the auc­tion money iii) in­stall­ments are not be­ing ac­cepted by the fore­man For the above cases, you will have to de­pend on state govern­ment ma­chin­ery. The re­dres­sal will vary as per the rules framed for the pur­pose un­der the re­spec­tive State Chit Fund Act.

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