Educational loan onetime settlement

Maheshwaran (Querist) 23 January 2018 This query is : Resolved
am borrowed the educational loan 2009-12 from SBI,its transfered reliance ARC & already running case in Melur subcourt against me & SBI.

But last few months Reliance contact me says come to OTS payment for rupess 83000 thousand from principal of 1,32,000. And am ok they send OTS agreement.

In this OTS agreement letter in the para of terms & conditions

I)Any litigation if any pending against Reliance ARC or SBI on the captioned loan account shall be withdrawn within 7 days receipt of this sanction and same shall deemed to be withdrawn as against Reliance ARC or SBI.

Ii)please note that in case of failure to comply with any aforesaid terms & conditions we shall be at leberty to revoke our sanction to the said OTS and thereupon all concession,waiver granted to you,shall deemed to canceled withdrawn any further notice.

Sir/madam ..
Please refer my query give the answer for this problem

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P. Venu (Expert) 24 January 2018
Admittedly, the matter is sub-judice. Whatever the terms, take the opinion of your advocate and try to settle in mediation or through the Adalath. Special care needs to be taken in ensuring that the interest is correctly worked out and settlement should not jeopardise your CIBIL rating.

Guest (Expert) 24 January 2018
You have not clarified what you want to know and why?

Maheshwaran (Querist) 29 January 2018
Sir,am ready to payment at three dues for rs 83000/- my doubt is reliance cheating at future after complete of OTS payment. I called reliance ARC come to lok adalth but they are not responsible,so i will go to SBI for consideration with My lawyer

Guest (Expert) 29 January 2018
Before making any OTS settlement/Payment ensure to collect a Consent Letter from the concerned authorities of Bank regarding their acceptance / confirmation of OTS mentioning the amount and then expedite the payment.

Guest (Expert) 29 January 2018
Regarding the Reliance they take over the Loans outstanding in Banks mostly the Educational Loans paying just the 50% of Principle Loans Outstanding after that they would initiate all sort of methods to collect back full amount of principle out standing with full interest along with penal interest. Because of them many innocent students had committed suicide also.The collection agents are also capable of taking away the original certificates of innocent students also.

Guest (Expert) 29 January 2018
Refer the case of the student K Lenin who had committed Suicide in June 2016 at Madurai because of the harassment of " Reliance Assets Reconstruction Company "

Guest (Expert) 29 January 2018
Never give any Post Dated Cheque or unfilled Cheque for any reason and it would land you in more trouble.

Guest (Expert) 29 January 2018
Also prefer to inform in a house husband was the defaulter of bank dues and the collection agents went at morning 6 a m to their house and had harassed his wife while the husband the defaulter was not there and the innocent lady committed suicide. The culprits were none other than the RARC.

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