Rajender (MArketing Manager) 12 February 2010

Need Help

Dear All member,

I am Rajender, i used to work for some private firm in Hyderabad upto July-2008, I had pre-approved loan with ICICI bank Rs 4 Lacs, and i took that loan in Jan-2008 and i started EMI in Mar-2008 and paid upto Jan-2009, I have started a small business and i lost most of the money. Then in July -2008 i have applied visa to New Zealand as Student and i went to NZ and studying, after some days( From Jan-2009 onwards) i could not pay EMI due to no Job in NZ, Now the bank is saying that they filed a case under section under 138.

I am saying that i will pay whole amount in a year as i finish studies i will get fulltime job.

Is there any solution for this issue.

Kindly show me a way........

Regards,

Rajender

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2 Replies

R.R. KRISHNAA (Legal Manager) 12 February 2010

No matter how hard we try, banks generally do not wait for us to make payment or give one or two years time to make the full payment. Banks will proceed their way of recovery. It is best to settle the pending amount at the earliest. Even negotiations are not considered by banks.

Anil Agrawal (Retired) 12 February 2010

Banks take post dated cheques and use them as lever to force customers to pay under pain of 138. As suggested above, there is no alternative but to settle the matter. 138 will be very painful.

How could you be so naive when you defaulted the first time as not to contact the bank and talk matters over for rescheduling the debt?