Personnal loan
John Victor
(Querist) 02 July 2015
This query is : Resolved
My bro took a loan of 3.2 and payed for a year(rs 108000) but due to a health issue he is not working now. therefore EMI couldnt be paid. its been 8 months now. we met the collections dept to discuss after a long talk they reduced the interest and asked us to pay the principal amount. which is around 2.25lakhs upto 10 installments.they said that we need to decide before 30th of last month that is June. we said we could only 1 lakh and they didnt agree. Yesterday it happened that our family friend who said will help in that 10 installments. we went back to the guy we spoke to but he is not agreeing. He cut the phone saying lets talk in the court. what should we do now. wait untill they come back or will be too late before they take it to the court. Pls advise!
Kumar Doab
(Expert) 02 July 2015
Such matters are usually taken to Lok Adalat.
Prefer to transact in writing under expert guidance of a lawyer handling consumer cases.
M V Gupta
(Expert) 04 July 2015
Write to the bank setting out the discussions u had with the officer (mention the name of the Officer) and request for the one time settlement as discussed with reduced installment amount and offer to pay the first installment of one lakh. For one time settlement the bank should agree in writing otherwise u will be bound by the original loan agreement and further u will not have any proof of the settlement. When such letter is written the bank may not rush to court without replying to u.
John Victor
(Querist) 04 July 2015
thank you so much sirs. When will they present the cheque for NBW Any idea?
M V Gupta
(Expert) 05 July 2015
Mr. Victor, u do not seem to have carefully read my comments. I have not referred to any cheque. I advised u to write to the Bank seeking one time settlement with revised schedule of payments and reduced interest rate and installments.
John Victor
(Querist) 05 July 2015
Thank you Gupta sir.
John Victor
(Querist) 05 July 2015
Thank you Gupta sir.
Rajendra K Goyal
(Expert) 06 July 2015
Whether the Bank is Public Sector or Private?
Generally the authority would be able to reduce the amount only to the extent he is empowered by the Bank and may not be able to accede to your request fully.
If the Bank is not agreeing to your proposal, let the Bank go to court, you may give your offer in Lok Adalat if matter is presented to them. If you have no capacity to pay full amount, Bank can not recover.
John Victor
(Querist) 06 July 2015
Thank you Goyal Sir. Will my bro have negative effects if he wants to proceed in life after his medical treatment because of the court ordeal? Also is there a time limit for the bank to present the cheque ?
Kumar Doab
(Expert) 06 July 2015
Whichever forum is approached submit that Bank shall withdraw your name from list of defaulters (with a copy to you) and settlement shall have not adverse effect on loan taking ability in future and will supply the CIBIL /Credit report at once and submit to you showing the said effect.
Let the bank state whatever it wants.
Represent preferably thru your lawyer and strive to get the relief.
