2 years back I took a loan from ICICI bank of 5lakhs. I was able to make 8 installments and then I lost my job. I emailed them not to apply any interest for 3 months and I will start paying emi's. However bank charged me and then I stopped paying. Now 13 emi's deafulter.
Now I want to do settlement. Collection agency is asking for 45% and I am saying I can pay 30% of the remaining principal.
How to deal with them as they are calling my relatives, family members. They are abusing like any thing.
16 May 2018
If bank agrees both you and th ebankapproach Lok Adalat to arrive at asettlem,ent regarding EMI's together with interest payment o a give and take basis. Lok adalats are attached to every district court. They are cost effective and save on time. NO court fee, stamp duty etc. Once settled by Lok Adalat an issue is final and binding on the parties from which no further appeal lies either to HIghcourt or supreme, court. Its decree is equivalent to a civill court decree. and binding on the parties.Your settlement will be dec8ded in a Jiffy.
16 May 2018
The bank is not at fault because you lost job.
They are offering you a walk out by paying less. You seem to be not interested.
If they are forced to file civil suit then they will recover each and every penny with interest (which keeps swelling with each sunrise). Someone may advise you to take criminal action against the collection agents you can do so and this will leave bank with no option but to file civil suit.
18 May 2018
It becomes your duty to repay the loan and cannot come out with any excuse for non-payment. However you may repay the loan amount with interest in installments if the bank approaches court with a money recovery suit and gets a judgment in its favor.