file a case against the banks
miraclemaa
(Querist) 08 December 2010
This query is : Resolved
my friend borrowed a credit card limit30K. one loan worth 52K. he paid 10 installments out of 18 installments.he also paid to the credit card for many times @minimum due.he contact the bank for settlement.the bank official said too much amount.many persons are threatening him. his age more than 60.what is the solution.
Parthasarathi Loganathan
(Expert) 08 December 2010
First of all, get the overdues cleared. Since the instalments appear to be paid regularly there is no need to worry. Please get into good banking terms with the creditor and establish best Banker-Customer relationship. Grievances can always be redressed in many approved mechanisms
Advocate. Arunagiri
(Expert) 10 December 2010
The bankers used to come for attractive settlement only if you are a defaulter. As long as you pay regularly, why should they come for settlement.
malipeddi jaggarao
(Expert) 13 December 2010
Banks do settlements in case of chronic default with genuine reasons and the account is a non-performing asset. In this case, who has initiated settlement? If the conduct of the account is good and the borrower is capable of repayment why the Bank should go for settlment? After all it is public money that is lent. Mere follow-up by the bank should not be construed as threatening. Unless it is reminded, though the person is capable of repayment, he may not do the same because of various priorities. Hence, if your friend is genuinely not capable of repay the debt contracted, advise him to maintain better rapport with the Bank and bring to the table for settlement as advised by Mr.Parthasarathy. However, if your friend is capable of repayment, he must do so without asking for settlements.
