Education loan account issue

Pradeep Ssn (Querist) 14 August 2023 This query is : Resolved
Hello,

I have taken 1.8L education loan from IOB in 2014 under Joint account. Due to various reasons, repayment was not able to make. In 2021, loan account sold to Reliance ARC without my constant or warning. I received only SMS after the transfer. I ignored as this might be spam. After two years now, I started receiving calls everyday. I have been given two options one is to pay total outstanding 4.7L to pay which will give CIBIL clearance or principle amount as settlement but cibil will affect. If not so, legally will proceeded. I approached bank about this and I was informed while transfer it was 3 L and because not paid, not sent any notice like that informed and if NOC provided, we will close from our book. Currently IOB bank reported in CIBIL and it's active and Reliance ARC not reported yet.

Please help in this case.

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T. Kalaiselvan, Advocate (Expert) 14 August 2023
What is your query?
You want the Reliance ARC to report to CIBIL?
What prevented you from issuing a legal notice to the Reliance ARC?
you can follow it properly or take it up legally through consumer forum.
Please remember that transferring the loan assets to a recovery agency is decision of the lender, they do not have to obtain the consent of the borrower for this