Bank personal loan outstanding balance

Mayank (Querist) 28 April 2016 This query is : Resolved
I was having a credit card of Sc bank since 1996. In 2003 they offered me a personal loan at a very low interest rate. I accepted the same but somehow they charged me for late payment. Although I paid all the installments on time. I paid all my principal + interest but failed to pay the late payment charge of Rs 125. Also they charged me Rs 2499 (without my knowledge) for lifetime annual fee waiver scheme. Due to some commitments and family issues I could not pay attention to the same and the bank also did not remind me regarding O/s balance and stopped sending the statement when they levied late payment charges. In 2011 ( after 8 years) they sent me a settlement offer of 50,000. I was shocked to see this. I got my CIBIL report and there was O/s balance on my CC. I filed a case in District Consumer Court and it has been pending since 4 years. The amount has also turned into lacs of rupees. I want to know:

1. whether I can contact bank to offer me a final settlement.
2. If somehow court makes decision against me, can I ask court/bank to charge less interest rate.
3. The bank did not inform me from 2003-2012 about my o/s balance which was their duty. Can I ask the bank to reduce the interest charged on this ground.

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P. Venu (Expert) 29 April 2016
What is the advice of your lawyer?

Mayank (Querist) 29 April 2016
He is saying that we should wait for the judgement. But the debt growing at a rate of more than 40% which has already turned into lakhs

Rajendra K Goyal (Expert) 30 April 2016
The claim seem to be time barred. May ignore the offer, if so.

Mayank (Querist) 30 April 2016
Dear Rajendra Thanks for the advise

What about consumer court case? Should i take it back

T. Kalaiselvan, Advocate (Expert) 06 May 2016
Until the creditor submits a report of clearance of the outstanding amount,the CIBIL may not clear the outstanding details, so see what can be done on it.