Loan repayment issue
monika choudhary
(Querist) 17 August 2011
This query is : Resolved
dear sir,
i received a call from a lawyer based in nagpur on my landline number saying that she has issued a non bailable warrant against me. She asked me to verify myself and my addresses. To which i asked why a non bailable warrant? So she said its because the ICICI Bank has asked her to do the needful because I havnt paid the loan. I said I have paid the loan only a certain amount which is the interest is left. I have paid the principal amount.So to that she asked me what was the details. So i said I dont have the details right now but I have paid the loan mostly. So to that she abruptly cut the phone and didnt call back.
What should I do in this case? I am out of job and i cannot pay back the interest but I have managed to clear the principal amount. Can a non bailable warrant be issued against me because I havnt paid the loan? Whats the procedure bank will follow if they cannot issue a non bailable warrant? Can they drag me to court? Please give me a detailed reply.
Thanks so much,
Monika
Dr Anil Kumar Singh
(Expert) 17 August 2011
Mention what type of loan is it and what is the security and guarantee the bank has taken from you.
monika choudhary
(Querist) 17 August 2011
sir, it was a personal loan so no security or guarantee was asked at that time as I was working in Mumbai in a prestigious organisation (Shoppers' Stop). They very easily loaned me the amount maybe because of the organisation I was working and I also had the salary account from them.
Advocate. Arunagiri
(Expert) 17 August 2011
For a personal loan, the banks can prosecute you only if there is any cheque return.
So, if there is any cheque is returned issued by you, they will issue notice to you. If you have changed the address, the lawyer would have used his trick to get the correct address for serving the notice to you.
Only after the notice they can prosecute you and if you dont appear the court will issue warrant against you.
monika choudhary
(Querist) 17 August 2011
sir, there has been no return of cheque of any kind. Its just that due to unemployment I have failed to pay them the interest of the laon amount issued to me. So ok if they cannot issue me a non bailable warrant what else can they do? Can they file a court case against me for not paying up the interest? Can I also ask the bank to waive off the interest on humatarian grounds? Yes I have changed my address and they have found out the same so maybe the call was just to confirm the address? And probably now as you have said they will send the notice if any?
prabhakar singh
(Expert) 17 August 2011
yes,now notice will come to you.you are saying you paid the principal but a creditor has right to appropriate the payment first towards interest then residue if any towards
the principal.you can try a settlement after you come to know the outstanding amount.
malipeddi jaggarao
(Expert) 18 August 2011
If you have not issued any post-dated cheques and no cheque is bounced, no warrant can be issued against you. They will serve a legal notice and may file a civil suit for recovery of Bank's dues. Your thinking that you have paid the principal is not acceptable. Banks do lend money from the deposits they procure for which they pay interest. Like-wise the interest on loan is to be repaid. However, you have genuine reason for not capable of paying the full interest, you should initiate a personal dialogue with the bank people and represent your matter for remission in the interest, but not as a right. Since it is a personal loan and there are no securities charged and no third party guarantee is obtained, if they are convinced that your reasons for asking remission in interest is genuine, they may even reduce the interest burden as there are no chances of recovery even if they go to Court. In case they do not agree, you can ask them to reschedule your repayment fixing easy payable instalments.
Guest
(Expert) 18 August 2011
I believe, some cheaters, who work as recovery agents for the companies, in the name of non-bailabble warrants act like that so that the party concerned may deposit the amount out of fear of arrest and they may encash their commission from the companies. After taking necessary particulars of the case number and the court name, you could have tried to verify from the concerned court if any non-bailable warrant existed or not?
