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Loan write-off policy how does it work

(Querist) 03 November 2014 This query is : Resolved 
Dear Sir
I took a loan in 2006 for 4 lakhs, on the whole I have paid 70% of the amount. However I lost my job in 2008 and remained jobless for 4 years. I faced huge losses while working on a business. I am still trying to recover from those losses. Having sold all my gold I dont have options to repay the remaining amount. ICICI bank continues to report status to CIBIL. There is another bank (Kotak) which did write-off my loan basis my financial situation. Please could you advise, how can I approach ICICI and request them to write-off the loan.
Warm regards
Abraham.
KAMARAJ BHARATHY G (Expert) 03 November 2014
EVEN IF YOU GET WRITE-OFF, YOUR LIABILITY WILL BE CONTINUING IN THE CIBIL REPORT. IN CASE YOU HAVE SETTLED YOUR DUE UNDER WAIVER SCHEME, THEN THE CIBIL REPORT WILL BE "NO DUE".
discography (Querist) 03 November 2014
Sir I don't mind it getting reported to cibil since I don't require any loan. I want to know how to request for a write off. Is there a legal provision to do so.
Devajyoti Barman (Expert) 04 November 2014
You can only request ICICI to wirt off. Whether to do it or not is their decision in which you can not force.
You better aprroach them with some money wo they close the account.
ajay sethi (Expert) 04 November 2014
claim of bank is barred by limitation
ajay sethi (Expert) 04 November 2014
you can request bank to write off but it is doubtful whether they will do so . in any case as mentioned earlier claim of bank is barred by limitation now
discography (Querist) 04 November 2014
Thank you so much for the clarity Ajay Sir, Kamaraj Sir and Devajyoti Mam. I was not aware of "barred by limitation" that infact gives me lot courage now. Thank you so much once again.
T. Kalaiselvan, Advocate (Expert) 07 November 2014
Do not rejoice so soon, you have to ensure that you have not communicated to the bankers in writing accepting the liability of loan anytime in the last three years. If so, then limitations clause will not apply to your case, verify.
Kumar Doab (Expert) 10 November 2014
M/s ICICI bank may not ever agree to remove your name from CIbil.


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