Personal loan reg
Mrs.Ramya.K
(Querist) 27 May 2016
This query is : Resolved
Dear Sir/Madam
One of our family friend got Personal loan and he gave to his friend. They paid for a year and there on they were not able to pay because of loss in their business. After a year or more the agents of the bank started coming to the house of my friend. But till today they are not able to pay the loan. Once one of the bank agent told them that they are going to take legal action. They said ok. But after that also the agents came again and again to my friend's house. So now he doesn't know what to do? I think nearly 8 years passed for the loan. Now they are saying you need not have to pay interest you pay only the amount which you took after the deduction of the amount you paid for a year. Now please suggest me what to do?
Kumar Doab
(Expert) 28 May 2016
Either it is time barred. IN such case recovery can not be enforced.
Or you are being offered a settlement. Settlement is adverse entry and shall continue to reflect in CIBIL.
If you have borrowed you should pay.
Negotiate a deal so that Bank agrees in writing to cleanse your deliquency in credi bureau's e.g; CIBIL, and payment does not affect your loan taking ability in future.
SAINATH DEVALLA
(Expert) 28 May 2016
The person who actually took the money is always on the safe zone.Has any documentation taken place when the money was lent?
When UR family friend is the defaulter he has to settle the matter with the bank.The response of the collection agencies is always rude towards the defaulters.It is their duty to recover the dues for which they are paid.Hence U cannot avoid them till the matter is settled amicably with the bank.
Try to find out whether the loan is time barred as peer the limitation.
Kumar Doab
(Expert) 28 May 2016
There are many threads on conduct of recovery agents at LCI e.g;
http://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp
Rajendra K Goyal
(Expert) 28 May 2016
If your friend has not acknowledged the liability / paid any money in last three years, the loan is time barred.
Record all conversation with the agent in future and if they are rude, lodge complaint.
Rajendra K Goyal
(Expert) 30 May 2016
Repeated query:
http://www.lawyersclubindia.com/experts/Personal-loan-reg-600996.asp
http://www.lawyersclubindia.com/experts/Personal-loan-reg-601001.asp
http://www.lawyersclubindia.com/experts/Personal-loan-and-closing-of-bank-account-reg-601206.asp
http://www.lawyersclubindia.com/experts/Personal-loan-and-closing-of-bank-account-reg-601226.asp
SAINATH DEVALLA
(Expert) 31 May 2016
Wasting the valuable time of the legal experts.
T. Kalaiselvan, Advocate 
(Expert) 31 May 2016
So the author is repeatedly asking clarification for his friend's query. Well the experts have addressed the query well on this thread too, there can be no more to add to this.
