plz help me
mohammed arif
(Querist) 14 February 2011
This query is : Resolved
hello sir/madam.
Dis iS mohammed arif from hyderabad, i have a problem plz help me out in this matter,i avail a personal loan for a amount of rs 2,20,000/ for a 48 month's tenure from icici bank, so far i paid 12 month', i avail that loan in 2008 till 2009 i paid that, in 2009 i lost my job,from that time i am not paying the emi,i vacate the house also,i have a genuine reason firstly i lost my job and the main reason is i paid 3,50,000/ to a agent for my USA process, all the paper work was done in the last moment that guy was vanish from his place,since till now i m trying to get him.but i couldn't find him,due to that mental tension i don't have a job and i lost my money that guy was cheated me.i m confuse what to do that's y i vacate the house,n ow since last week some collection's was coming to my father in law adress,now my father in law telling that there r given warning to them that if i don't pay the money as early as possible they will get the police to his residence and he was getting nervous bcoz he already had 2 times heart attack and if this give bring police to his residence then locality people talk all wrong thing's,so plz tell me what to do, i m really thankfull to u in my life plz suggest as best as possible,and how ever i m not in the city now,due to my this problem i left the country for work here also i m not getting the pay what they told,but however i am working,but plz suggest me what to do about thye collection agent's.
waiting for ur response
Regard's
Mohammed arif
malipeddi jaggarao
(Expert) 15 February 2011
Before availing any loan one should think about the following:
1) PresentIncome
2) Purpose of loan
3) Repayment capacity - especially if it s a private job, whether any alternative to pay-off the loan in case of loosing the job.
Private Banks are interested in their earnings and there is nothing wrong on their part in sanctioning the loans basing the assessment of repayment capacity as of that day. They will adapt all types of tactics to recover their loan including employing the recovery agents who abuse, threat and what not.
Coming to your case two points are to be visualised.
1) Regarding harassment to your father-in-law threatening police action.
This is a mere threat, no police will help the Bank to recover their personal loans. It is a tactic employed by the recovery agent. Your father-in-law should be strong enough to resist such threats. Whether your father-in-law is a guarantor in the account? If not he can make it clear to the recovery agent that he is no way concerned with your loan and if the harrassment still continues, he can leash counter threat that he will complain to the local police for the harassment.
As far as you are concerned, all your difficulties are not a concern to the Bank. You should have financial discipline which it appears you do not. Even now, you can do the following:
You left the country and employment and doing some job which is not to your satisfaction. It appears Bank does not aware of your where abouts. This will press the panic bells to the Bank. Since you have some earnings, you send some money to the Bank for your account and furnish them your whereabouts. You present your case to them that you are not a wilful defaulter, but because of the circumstances, you could not pay the EMI. You request them to reschedule the EMI and start sending the money. But there will huge accumulated interest. After sending some regular EMI instalments, if you are still not capable of meeting the EMI, you request the bank for one settlement asking some remission in the interest. As you could pool up Rs.3.50 lakhs Visa Process, I do not think that you would not able pool up some money for one time settlement. In a nutshell running away from the problem, will not solve. It will complicate further. Face it boldly and fairly. All the best to you!
mohammed arif
(Querist) 15 February 2011
thank u soo much sir for ur response i am really happy now ok sir i will tell my father in law so talk with this guy to do settlement,so i can pay some of the amount as a installment.again thank u sir for the help.
Regard's
Mohammed Arif
