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Sudha SP (House Wife)     15 March 2014

Credit card -rs 83000 for rs 1000 principal

Sir,

My husband was having an SCB credit card that was issued on 23/12/2004. The outstanding balance as on 24/03/2005 is Rs 1800.  (Actual purchase of Rs 1000 + Late fee and other charges Rs 800).  We shifted the house in 2005 and we almost forgot about this card. We have not used the card after 08/05/2005.

Now in Feb 2014, the SCB recovery agent contacted us for a recovery of Rs 83,000. They have not shared any statement dated 2014 and they only shared till July 2005 and they wanted us to calculate and see how Rs 1800 accumulated to Rs 83,000. This is shown in the CIBIL defaulters list because of which we are denied of a loan. The credit score is 790, but still nationalized banks are not considering of processsing the loan becauase of this default. 

Kindly assist us on what can be done to solve this issue.

Thank you.

 



Learning

 14 Replies

G D Rajan (Advocate - High Court Madras)     15 March 2014

There is an Act called Limitation Act. If the contract is not reported since last 3 years, the bank cannot recover the amount.

I think, you have purposefully wanted to clear the name from CIBIL defaulter  list. Hence, you might have approached with them, that would have triggered you the updated bill.

If at all you want  to clear the dues and increase your rating, negotiate and settle the amount. But.

Dont contact the collecting agent. Visit the branch & discuss with branch manager.

Thanks

Devarajan G

1 Like

Altaf Batliwala (Engineer)     15 March 2014

Dear Sir/Madam, Kindly refer to the Master Circular on Credit Card by RBI at 6.2.c. RBI has given guidelines for reporting the default status of the customer to CIBIL. Regards Altaf Batliwala
1 Like

Altaf Batliwala (Engineer)     15 March 2014

Dear Sir/Madam, Kindly refer to the Master Circular on Credit Card by RBI at 6.2.c. RBI has given guidelines for reporting the default status of the customer to CIBIL. Pls refer to the sameand revert back. Regards Altaf Batliwala

Joseph Wilfred (Voluntarily Retired from Indian Overseas Bank)     15 March 2014

MADAM SUDHA

                            WHY DID YOU GO AND FALL IN TO THE TRAP NOW AFTER A GAP OF 10 YEARS . AS MY FRIEND HAD POINTED OUT , YOU MUST HAVE GONE TO THE BANK WITH THE HOPE THAT YOU CAN REMIT THAT AMOUNT AND GET A NO DUE CERTIFICATE FROM THE BANK . IF YOU NEGOTIATE AND SETTLE THE AMOUNT , YOU WILL NOT GET A NO DUE CERTIFICATE AND YOU NAME WILL APPEAR IN THE REPORT FOR 7 YEARS FROM NOW . YOU WILL NOT GET A LOAN ANYWHERE IN ANY PRIVATE BANK. IF YOU SETTLE THE ENTIRE AMOUNT THEY MAY OR MAY NOT ISSUE A NO DUE CERTIFICATE . I HAD AN EXPERIENCE ABOUT 5 YEARS BACK WITH CITIBANK . BUT I WILL NOT GO TO THE BANK . I WILL DISCUSS EVERYTHING OVER PHONE ONLY BUT THE WORDS I USE WILL BE NOT BINDING ON ME BUT PUTTING THE BLAME ON THE BANK BECAUSE EVERYTHING MUST BE RECORDED . I WILL BE HAVING THE CLOSURE LETTER AND IN ADDITION TO THAT I WILL GET EVERYTHING IN WRITING IN A STAMP PAPER NOT FROM THE COLLECTION AGENT BUT FROM SOME HIGHER OFFICIAL .I WILL PAY THE ENTIRE AMOUNT IN BANKERS CHECK AND INFORM THEM OF THE AMOUNT , NAME AND DATE OF THE CHECK , THE BANK AND IN WHOSE FAVOR THE BANKERS CHECK IS DRAWN IN ADVANCE AND THIS MUST FIND A PLACE IN THE LETTER THEY BRING . THEY MUST BRING A LETTER MENTIONING ALL THESE IN THEIR LETTER HEAD AND I WILL SHOW THE BANKERS CHECK AND ASK THEM TO GIVE IN WRITING WHAT I HAVE ALREADY PREPARED . THEY MUST WRITE IN THEIR OWN HAND WRITING AND SIGN IT . ONLY AFTER THAT I WILL HANDOVER THAT BANKERS CHECK AND GET AN ADDITIONAL RECEIPT FROM THEM .IN SPITE OF THAT WHEN I CONTACTED THEM ABOUT 7 YEARS BACK , THEY INFORMED ME THAT THERE IS NO DUE IN MY ACCOUNT BUT WHEN I INVITED THEIR ATTENTION TO THE FACT THAT THIS IS REFLECTED IN THE LOAN WHICH I APPLIED IN ANOTHER BANK FOR WHICH I HAVE CLEARED ALL THE EMI CHECKS. THE REPLY I GOT IS  " THEY DON'T KNOW ABOUT THAT " . I LEFT IT .

    AS FAR AS NATIONALIZED BANKS ARE CONCERNED THEY DON'T SEE YOUR REPAYMENT IN CIBIL. THEY ARE BOTHERED ONLY ABOUT PAYMENT OF LOANS TO THE NATIONALIZED BANKS .  YOU LEAVE THIS NATIONALIZED BANK. WAIT FOR A MONTH AND TRY IN A MAJOR NATIONALIZED BANK WITHOUT ENCLOSING YOUR CIBIL REPORT .YOU MUST HAVE THOUGHT THAT IF YOUR SCORE IS MORE THAN 750 IN CIBIL , THEN YOUR LOAN WILL BE SANCTIONED . SO DON'T ENCLOSE THE CIBIL REPORT WHEN YOU ARE APPLYING FOR A LOAN IN ANOTHER BANK . IF THIS BANK ASKS YOU, YOU TELL THEM YOU HAVE PAID THE ENTIRE AMOUNT IN 2005 ITSELF AND YOU ARE UNABLE TO TRACE THE RECEIPT NOW . YOU TELL THEM TO FILE A CASE IN THE COURT AND THERE YO WILL PRODUCE THE REPAYMENT MADE BY YOU BY CHECK . IF THEY ASK YOU TO PRODUCE IT TO THEM , YOU CAN VERY WELL REFUSE IT . YOU TELL THEM THAT YOU HAVE LOST FAITH IN THEM AND WILL PRODUCE THE REPAYMENT IN THE APPROPRIATE COURT OF LAW . THEY WILL NOT FILE A CASE . IF THEY CALL YOU TO THE ADAALAT , YOU NEED NOT GO . IF THEY FIX AN ARBITRATION PROCEEDINGS , THEN WRITE TO THIS FORUM . I WILL TELL YOU THE LOOP HOLES IN THAT AND YOU CAN PROCEED ACCORDINGLY . I HAVE LEARNT EVERYTHING BY EXPERIENCE ONLY BEFORE 2005 . YOU NEED NOT WORRY ABOUT THAT . ALTHOUGH I AM FROM A NATIONALIZED BANK AND ON VRS I DON'T INVOLVE MYSELF IN LOAN MATTERS - JOSEPH WILFRED - 25/03/2014 AT 22.20 HRS                

1 Like

T. Kalaiselvan, Advocate (Advocate)     15 March 2014

I endorse the views of Mr. Devarajan in this regard, you may follow his suggestion.

1 Like

shanmugam lakshmanan (senior)     16 March 2014

 

this is not a case of continuous cause of action.  Hence It is a time barred debt and it is not legally recoverable. If you intended to get relieved of CIBIL rate, you may approach High court for appropriate direction in his regard. wish you good luck. 

shanmugam lakshmanan (senior)     16 March 2014

 

this is not a case of continuous cause of action.  Hence It is a time barred debt and it is not legally recoverable. If you intended to get relieved of CIBIL rate, you may approach High court for appropriate direction in his regard. wish you good luck. 

shanmugam lakshmanan (senior)     16 March 2014

This is not a case of continuous cause of action.  Hence It is a time barred debt and it is not legally recoverable. If you intended to get relieved of CIBIL rate, you may approach High court for appropriate direction in his regard. wish you good luck. 

Kumar Doab (FIN)     16 March 2014

Settlement is also adverse entry.

You may check at CIBIL website how the status is updated.

The recovery agent has willfully not supplied the statement after 2005 and worldwide the CC companies and its agents/ARC's are known to innovate ways and means to circumvent the process of Law.

The entry in CIBIL is the only way to arm twist you.

However the recovery agent has made a mistake by by supplying you the statement up to 2005.

Now this may be deemed as the only amount if any payable by you.

 

Now you require to record (audio/visual) all calls for evidence and obtain a letter too from this agent.

Seek professional help of a smart lawyer handling consumer/CC cases at your location.

There are any threads on similar queries that you may find relevant:

 

https://www.lawyersclubindia.com/experts/Credit-card-defaulter-time-limitations--446061.asp#.UyW_7keBmXV

 

https://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.UUc5U0pFZ_4

 

 

 

1 Like

Joseph Wilfred (Voluntarily Retired from Indian Overseas Bank)     17 March 2014

MADAM

              AS FAR AS CIBIL IS CONCERNED YOU CANNOT MOVE ANY COURT OF LAW TO RECTIFY THE ENTRY . YOU CAN FIND IN THE WEBSITE HOW CIBIL WAS FORMED AND WHO ARE ALL THE PARTNERS IN THAT . IT NEITHER COMES UNDER THE BANKING REGULATION ACT NOR UNDER THE COMPANIES ACT OR IT COMES UNDER THE RESERVE BANK OF INDIA . IT IS ONLY A RATING AGENCY AND THAT TOO IT DOES NOT GIVE ITS OWN RATING ON ANY CUSTOMER . ITS WORK IS ALMOST LIKE A POSTMAN BUT IT IS NOT A LEGAL ENTITY . WHATEVER THE PRIVATE BANKS PROVIDES TO THAT AGENCY ABOUT A CUSTOMER IT UPLOADS IT IN THEIR COMPUTER . EVEN IF YOU PAY ONE EMI LATE THAT WILL REFLECT IN THAT UNDER YOUR NAME . THE BANK THAT IS PROVIDING THE INFORMATION IS RESPONSIBLE FOR THAT . IF YOU WANT YOUR NAME TO BE REMOVED FROM THAT LIST , THEN YOU MUST GET A LETTER FROM THE BANK THAT THERE IS NO DUES IN YOUR ACCOUNT IN ADDITION TO THAT YOU HAVE MADE THE PAYMENT REGULARLY . YOU JUST GO TO CIBIL WEBSITE AND CHECK IT . YOU CANNOT PULL THAT BANK TO THE HIGH COURT AS THERE IS BANKING OMBUSHMAAN WHICH CAN CONDUCT A PROCEEDING LIKE A CONCILIATION PROCEEDING BUT CANNOT PASS ANY AWARD . IT IS NOT EMPOWERED TO DO THAT . EVEN IF YOU GO TO CONSUMER COURT , BANK LOAN REPAYMENT IS NOT COVERED BY CONSUMER PROTECTION ACT . BUT FOR SOME OF THE OTHER BANKING SERVICES YOU CAN APPROACH THE CONSUMER COURT . TO MY KNOWLEDGE , THE STANDARD CHARTERED BANK HAD SOLD ITS LIABILITIES TO A THIRD PARTY MORE THAN 4 YEARS BACK AND YOU WOULD HAVE RECEIVED A LETTER TO THIS EFFECT TO YOUR LAST KNOWN ADDRESS PROVIDED TO THE BANK.

  BUT THIS PROCEDURE OF SELLING THE LIABILITIES IN A CREDIT CARD , PERSONAL LOAN ETC IS NOT LEGALLY VALID AS THEY ARE UNSECURED ADVANCES . IF THE ADVANCES ARE SECURED THEN THE BANK CAN SELL THE STRESSED ASSETS TO A ASSET RECONSTRUCTION COMPANY OR TO A BANK ONLY . AT NO COST THAT SHOULD BE SOLD TO A THIRD PARTY WHO IS A NON BANKING FINANCIAL INSTITUTION . RESERVE BANK OF INDIA ITSELF HAD PUBLISHED A REPORT IN THIS REGARD THAT IN OUR COUNTRY THERE ARE MORE THAN 20,000 NON BANKING FINANCIAL INSTITUTIONS AND HAD ALERTED US NOT TO INVEST IN THOSE COMPANIES . IN THE SAME WAY RESERVE BANK OF INDIA SHOULD HAVE BARRED BANKS FROM TRANSFERRING THE UNSECURED ADVANCES TO SUCH NON BANKING FINANCIAL COMPANIES OPERATING WITHOUT RESERVE BANK OF INDIA LICENCE . FOREIGN BANKS USE THIS LOOP HOLE AND MAKE THE UNSECURED ADVANCES HIGHLY INFLATED AND SELL THAT TO SUCH COMPANIES AT A VERY LOW RATE . WHO IS TO BELL THE CAT?- JOSEPH WILFRED - 17/03/2014 AT 20.44 HRS. 

Altaf Batliwala (Engineer)     25 March 2014

The Reserve Bank of India today released on its website for public comments, the Report of the Committee to recommend Data Format for Furnishing of Credit Information to Credit Information Companies (CICs). Comments may please be emailed or sent by post to Chief General Manager,Department of Banking Operations and Development, Reserve Bank of India, Shahid Bhagat Singh marg, Mumbai 400 001 on or before April 30, 2014.

The committee has made wide ranging recommendations on issues relating to credit information, such as, increasing its coverage, format of reports and best practices to be followed by credit institutions, credit information companies (CICs) and the Reserve Bank.

Making credit information more useful

The committee has stated that low usage of credit information by member institutions and other specified users needs to be addressed by requiring CICs to populate their databases with requisite credit information so that enquiries by specified users yield desired information. It has recommended that this can be done by increasing the coverage of credit information in terms of membership (all credit institutions should be members of all CICs) and products (also covering defaults in CPs and such other products) and by creating awareness about Credit Information Reports (CIRs).

Credit Information Report

The committee’s recommendations relating to CIR are:

  1. CICs should have a common classification of Credit Scores so that it would be easier to understand and interpret. The Committee has recommended that the CIBIL method of calibrating from 300 to 900 could be adopted by other CICs.
  2. CICs should report details of co-borrower and guarantor.
  3. CICs may provide a single CIR for a borrower even if there are multiple addresses, using a unique identification number (PAN/Aadhaar No.).
  4. CICs may have link with the database of Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) which has data on mortgages so that CIRs can also provide information on property mortgages.
  5. An online data correction mechanism may be put in place by CICs to enable members to confirm/upload correction requests.
  6. CIRs should disclose details of disputes relating to information in CIRs and customer comments thereon, if any.
  7. Customer grievance redressal, especially in respect of complaints relating to updation/alteration of credit information, should be given top priority. This may be integrated with existing redressal systems, such as, Banking Ombudsman Scheme.
  8. Banks/financial institutions (FIs) may report cases of wilful default, even in non-suit filed cases, directly to the CICs of which they are members and the system of banks/FIs reporting information on non-suit filed cases of defaulters to the Reserve Bank of India may be dispensed with.
  9. CICs may make available the data in respect of suit-filed cases on their websites in a more user-friendly manner that would facilitate search across periods and banks.

The Committee has further suggested that providing customers with a free copy of their CIRs would help create awareness about the need to have credit discipline, enable customers to correct their behaviour and improve their score well before they plan to avail fresh credit of any kind, help detect identity theft at an early stage, help CICs correct and validate their database and increase their business in the long run. Use of common data formats, including additional information in the formats, such as, dispute codes, consumer comments on dispute, details of collateral, etc., and to institutionalise a continuing mechanism for making changes to data formats could help improve data quality, the committee has pointed out. The committee has recommended a common Data Quality Index that could assist credit institutionsin determining the gaps in their data and also move towards improving their performance over a period of time.

Background

The Second Quarter Review of Monetary Policy 2012-13, (October 2012) of the Reserve Bank of India had stated that credit institutions should furnish timely and accurate credit information on their borrowers and make extensive use of available credit information as a part of their credit appraisal process. The post-policy meeting of the Reserve Bank with bankers in October 2012 had emphasised on the need for standardisation of data collection format as well as harmonisation/convergence among CICs to minimise duplication. The Reserve Bank later also met the heads of CICs in which it was suggested that a committee comprising a few banks, CICs and the Indian Banks’ Association be set up to finalise an updated data format. The committee was then set up with the heads of the CICs, a representative each from private sector bank, nationalised bank, foreign bank, urban cooperative bank, NBFC, MFI, IBA and the Legal Department of the Reserve Bank as members. Shri Aditya Puri, Chairman, HDFC Bank acted as the Chairman while Shri Rajesh Verma, CGM, DBOD was its member secretary. The committee recently submitted its report to the Reserve Bank.

Alpana Killawala
Principal Chief General Manager

Altaf Batliwala (Engineer)     25 March 2014

The Reserve Bank of India today released on its website for public comments, the Report of the Committee to recommend Data Format for Furnishing of Credit Information to Credit Information Companies (CICs). Comments may please be emailed or sent by post to Chief General Manager,Department of Banking Operations and Development, Reserve Bank of India, Shahid Bhagat Singh marg, Mumbai 400 001 on or before April 30, 2014.

The committee has made wide ranging recommendations on issues relating to credit information, such as, increasing its coverage, format of reports and best practices to be followed by credit institutions, credit information companies (CICs) and the Reserve Bank.

Making credit information more useful

The committee has stated that low usage of credit information by member institutions and other specified users needs to be addressed by requiring CICs to populate their databases with requisite credit information so that enquiries by specified users yield desired information. It has recommended that this can be done by increasing the coverage of credit information in terms of membership (all credit institutions should be members of all CICs) and products (also covering defaults in CPs and such other products) and by creating awareness about Credit Information Reports (CIRs).

Credit Information Report

The committee’s recommendations relating to CIR are:

  1. CICs should have a common classification of Credit Scores so that it would be easier to understand and interpret. The Committee has recommended that the CIBIL method of calibrating from 300 to 900 could be adopted by other CICs.
  2. CICs should report details of co-borrower and guarantor.
  3. CICs may provide a single CIR for a borrower even if there are multiple addresses, using a unique identification number (PAN/Aadhaar No.).
  4. CICs may have link with the database of Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) which has data on mortgages so that CIRs can also provide information on property mortgages.
  5. An online data correction mechanism may be put in place by CICs to enable members to confirm/upload correction requests.
  6. CIRs should disclose details of disputes relating to information in CIRs and customer comments thereon, if any.
  7. Customer grievance redressal, especially in respect of complaints relating to updation/alteration of credit information, should be given top priority. This may be integrated with existing redressal systems, such as, Banking Ombudsman Scheme.
  8. Banks/financial institutions (FIs) may report cases of wilful default, even in non-suit filed cases, directly to the CICs of which they are members and the system of banks/FIs reporting information on non-suit filed cases of defaulters to the Reserve Bank of India may be dispensed with.
  9. CICs may make available the data in respect of suit-filed cases on their websites in a more user-friendly manner that would facilitate search across periods and banks.

The Committee has further suggested that providing customers with a free copy of their CIRs would help create awareness about the need to have credit discipline, enable customers to correct their behaviour and improve their score well before they plan to avail fresh credit of any kind, help detect identity theft at an early stage, help CICs correct and validate their database and increase their business in the long run. Use of common data formats, including additional information in the formats, such as, dispute codes, consumer comments on dispute, details of collateral, etc., and to institutionalise a continuing mechanism for making changes to data formats could help improve data quality, the committee has pointed out. The committee has recommended a common Data Quality Index that could assist credit institutionsin determining the gaps in their data and also move towards improving their performance over a period of time.

Background

The Second Quarter Review of Monetary Policy 2012-13, (October 2012) of the Reserve Bank of India had stated that credit institutions should furnish timely and accurate credit information on their borrowers and make extensive use of available credit information as a part of their credit appraisal process. The post-policy meeting of the Reserve Bank with bankers in October 2012 had emphasised on the need for standardisation of data collection format as well as harmonisation/convergence among CICs to minimise duplication. The Reserve Bank later also met the heads of CICs in which it was suggested that a committee comprising a few banks, CICs and the Indian Banks’ Association be set up to finalise an updated data format. The committee was then set up with the heads of the CICs, a representative each from private sector bank, nationalised bank, foreign bank, urban cooperative bank, NBFC, MFI, IBA and the Legal Department of the Reserve Bank as members. Shri Aditya Puri, Chairman, HDFC Bank acted as the Chairman while Shri Rajesh Verma, CGM, DBOD was its member secretary. The committee recently submitted its report to the Reserve Bank.

Alpana Killawala
Principal Chief General Manager

Altaf Batliwala (Engineer)     25 March 2014

The Reserve Bank of India today released on its website for public comments, the Report of the Committee to recommend Data Format for Furnishing of Credit Information to Credit Information Companies (CICs). Comments may please be emailed or sent by post to Chief General Manager,Department of Banking Operations and Development, Reserve Bank of India, Shahid Bhagat Singh marg, Mumbai 400 001 on or before April 30, 2014.

The committee has made wide ranging recommendations on issues relating to credit information, such as, increasing its coverage, format of reports and best practices to be followed by credit institutions, credit information companies (CICs) and the Reserve Bank.

Making credit information more useful

The committee has stated that low usage of credit information by member institutions and other specified users needs to be addressed by requiring CICs to populate their databases with requisite credit information so that enquiries by specified users yield desired information. It has recommended that this can be done by increasing the coverage of credit information in terms of membership (all credit institutions should be members of all CICs) and products (also covering defaults in CPs and such other products) and by creating awareness about Credit Information Reports (CIRs).

Credit Information Report

The committee’s recommendations relating to CIR are:

  1. CICs should have a common classification of Credit Scores so that it would be easier to understand and interpret. The Committee has recommended that the CIBIL method of calibrating from 300 to 900 could be adopted by other CICs.

  2. CICs should report details of co-borrower and guarantor.

  3. CICs may provide a single CIR for a borrower even if there are multiple addresses, using a unique identification number (PAN/Aadhaar No.).

  4. CICs may have link with the database of Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) which has data on mortgages so that CIRs can also provide information on property mortgages.

  5. An online data correction mechanism may be put in place by CICs to enable members to confirm/upload correction requests.

  6. CIRs should disclose details of disputes relating to information in CIRs and customer comments thereon, if any.

  7. Customer grievance redressal, especially in respect of complaints relating to updation/alteration of credit information, should be given top priority. This may be integrated with existing redressal systems, such as, Banking Ombudsman Scheme.

  8. Banks/financial institutions (FIs) may report cases of wilful default, even in non-suit filed cases, directly to the CICs of which they are members and the system of banks/FIs reporting information on non-suit filed cases of defaulters to the Reserve Bank of India may be dispensed with.

  9. CICs may make available the data in respect of suit-filed cases on their websites in a more user-friendly manner that would facilitate search across periods and banks.

The Committee has further suggested that providing customers with a free copy of their CIRs would help create awareness about the need to have credit discipline, enable customers to correct their behaviour and improve their score well before they plan to avail fresh credit of any kind, help detect identity theft at an early stage, help CICs correct and validate their database and increase their business in the long run. Use of common data formats, including additional information in the formats, such as, dispute codes, consumer comments on dispute, details of collateral, etc., and to institutionalise a continuing mechanism for making changes to data formats could help improve data quality, the committee has pointed out. The committee has recommended a common Data Quality Index that could assist credit institutionsin determining the gaps in their data and also move towards improving their performance over a period of time.

Background

The Second Quarter Review of Monetary Policy 2012-13, (October 2012) of the Reserve Bank of India had stated that credit institutions should furnish timely and accurate credit information on their borrowers and make extensive use of available credit information as a part of their credit appraisal process. The post-policy meeting of the Reserve Bank with bankers in October 2012 had emphasised on the need for standardisation of data collection format as well as harmonisation/convergence among CICs to minimise duplication. The Reserve Bank later also met the heads of CICs in which it was suggested that a committee comprising a few banks, CICs and the Indian Banks’ Association be set up to finalise an updated data format. The committee was then set up with the heads of the CICs, a representative each from private sector bank, nationalised bank, foreign bank, urban cooperative bank, NBFC, MFI, IBA and the Legal Department of the Reserve Bank as members. Shri Aditya Puri, Chairman, HDFC Bank acted as the Chairman while Shri Rajesh Verma, CGM, DBOD was its member secretary. The committee recently submitted its report to the Reserve Bank.

Alpana Killawala
Principal Chief General Manager

Joseph Wilfred (Voluntarily Retired from Indian Overseas Bank)     28 March 2014

DEAR MR. ALTAF BATLIVALA

                                                     I AGREE WITH WHATEVER INFORMATION PROVIDED BY YOU ABOUT THE INSTRUCTIONS GIVEN BY THE RESERVE BANK OF INDIA . BUT THE CULPRITS IN ANY CASE IS THE MEMBER BANKS WHO PROVIDE THE INFORMATION TO THE RATING AGENCY BUT DOES NOT PROVIDE EVEN THE ONE TIME SETTLEMENT WE HAVE MADE EVEN 18 MONTHS PRIOR TO THE LAST CHECK WE HAVE GIVEN TO THEM . EVEN THE 18 CHECKS FOR WHICH WE HAVE MADE PAYMENT WILL NOT BE RETURNED TO US AFTER ISSUING A LETTER AND RECEIPT  FOR FULL SETTLEMENT OF THE LOAN . IN SUCH A CASE WE HAD NO OTHER OPTION BUT TO APPROACH THE BANKING OMBUSHMAAN IN OUR AREA . BUT THAT ONE HAVE NOT BEEN CONFERRED WITH POWERS TO PASS AN AWARD BASED ON THE DOCUMENTS PROVIDED BY US . IT IS JUST LIKE CONCILIATION PROCEEDINGS . BUT IN CONCILIATION PROCEEDINGS , THE GOVERNMENT OF INDIA HAD POWERS TO REFER THE DISPUTE TO AN INDUSTRIAL TRIBUNAL WHERE WE CAN EXPECT AT LEAST 25% JUSTICE TO THOSE AFFECTED . BUT IN THE OTHER, THE MATTER WILL BE CLOSED .

A SCORE OF 750 IS VERY GOOD . BUT WHAT THE LENDING BANKS DO IS GIVING THE FULL INFORMATION OF THE REPAYMENT FOR THE ENTIRE 36 MONTHS IN A CODED LANGUAGE . THAT IS IF YOU PAY ONE EMI BY 10 DAYS LATE IN THAT MONTH ITSELF , THIS WILL REFLECT IN THE REPORT SENT TO THE BANK FROM WHERE WE WANT TO AVAIL A SECOND LOAN . THIS WILL NOT BE PROVIDED TO THE BORROWERS . IN 2004 I HAD THE OPPORTUNITY TO GET A COPY OF THAT REPORT WHEN ALL THE 36 EMI'S HAD BEEN REGULARLY PAID TO THE BANK WHEN THAT BANK OFFERED ME  A HIGHER LOAN AND A REDUCED INTEREST . BUT WHEN THEY GOT THE REPORT, CITIBANK HAD PROVIDED INFORMATION WILLFULLY ABOUT SOME OF THE LATE PAYMENTS MADE BY ME THAT HAD BEEN CLOSED BY THAT TIME WHEN I APPLIED TO THE OTHER BANK . THAT WAS BECAUSE I PULLED THE CITIBANK AGENCY TO THE POLICE STATION BECAUSE THEY CAME ON THE NEXT DAY EARLY MORNING AND I HAD TO ARRANGE FOR THE BURIAL OF MY DAD, ONLY ON THE PREVIOUS DAY EVENING AND BY THE TIME WE RETURNED HOME IT WAS AROUND 07.00 P.M. AROUND 11.00 P.M. ONLY WE COULD GO TO MY HOUSE . PREVIOUS 2 DAYS I DID NOT HAVE PROPER REST THAT IS ON THE DAY OF DEATH AND THE NEXT DAY EVENING BURIAL . MY DUTY IS TO ARRANGE FOR EVERYTHING LIKE ICE BOX , THEN THE DESIGN FOR THE OTHER BOX AND THE BLACK VAN ON THE DAY HE DIED . BUT I NEED NOT GO , BUT MY CHURCH WILL PROVIDE MY MOBILE NUMBER TO EVERYBODY AND KEEP CONTACTING ME . I WILL BECOME VERY TIRED ON THE 1ST DAY ITSELF . 2ND DAY MORNING MYSELF , MY ELDER BROTHER AND YOUNGER ONE WILL HAVE TO GO TO CHURCH WHERE THEY WILL SIGN AND KEEP THE LETTER READY . MY ELDER BROTHER WILL FILL UP EVERYTHING AND I WILL SIGN IT . THEN WE HAVE TO TAKE IT TO ANOTHER CATHEDRAL IN THE CITY WHICH IS IN CHARGE OF THAT BURIAL GROUND , GIVE THIS LETTER , FILL THE FORM , PAY THE EXACT AMOUNT ONLY AND THEY WILL ISSUE ANOTHER LETTER TO THE BURIAL GROUND . THAT WE HAVE TO TAKE THERE AND ANOTHER 3 COPIES WE HAVE TO FILL UP AND I WILL SIGN IN EVERYTHING . THEN WE WILL FIND A PLACE AND PAY THOSE FOR DIGGING AND FIX THE TIME AS 02.30 P.M. THEN WE WILL RETURN HOME . CHURCH WILL KEEP IN TOUCH WITH ME BECAUSE THEY WILL COME ON THE FIRST DAY AND ON THE 2ND DAY BEFORE WE TAKE IT AND THEN THEY HAVE TO COME TO THE BURIAL GROUND . THE DISTANCE BETWEEN IS ABOUT 20 KMS. WE WILL GO IN A CAR ONLY . BUT HOW EXHAUSTED ALL WILL BE . OTHERS WILL TAKE CARE OF THE GUESTS . IN SUCH A SITUATION IF THEY COME TO MY HOUSE ON COMPLETING EVERYTHING ONLY ON THE PREVIOUS DAY WILL I BE IN A POSITION TO ANSWER THEM . ALTHOUGH I EXPLAINED TO THEM MY SITUATION , DO YOU KNOW WHAT THOSE ROGUES TOLD ME . YOUR DAD DIED IN THAT STREET ONLY AND NOTHING HAPPENED IN THIS HOUSE . I LOST MY TEMPER BUT I WILL NOT DO ANYTHING THAT IS ILLEGAL . JUST I ASKED THEM TO GET OUT OF THE HOUSE WITH A STERN WARNING . THEN I DRAFTED A COMPLAINT AND WENT TO THE STATION REGISTERED IT AND THE INSPECTOR TELEPHONED AND WARNED THEM . AFTER A WEEK SOME HIGHER OFFICIALS CAME AND I WANTED TO SETTLE MY ACCOUNT AS A ONE TIME PAYMENT . THEY AGREED AND EVERYTHING WAS OVER WITHIN A WEEK . TO TAKE REVENGE ON ME , THEY HAVE SENT A FALSE REPORT TO THE AGENCY . BUT WE CANNOT FILE A CASE THAT THERE REPORT IS FALSE BECAUSE THAT IS TO BE SENT TO THE BANK THAT WANTS TO GRANT US LOAN AND NOT TO THE CUSTOMER . SINCE THAT OFFICER WAS A GOOD PERSON HE PROVIDED ME ONE COPY BUT TOLD ME NOT TO DISCLOSE IT TO ANYBODY . THAT WAS THE LAST LOAN I APPLIED . I CLOSED EVERYTHING PREMATURELY IN FEBRUARY 2005 . I AM VERY WELL AWARE OF HOW BANK'S CHEAT THE LOW/MIDDLE/HIGH INCOME GROUP BORROWERS BUT THEY WILL NOT DO ANYTHING WITH THE ELITE GROUP . ONLY THE GOVERNMENT SHOULD SOMETHING TO HELP THE BORROWERS FROM THE CLUTCHES OF THESE BLOOD SUCKERS . IN THE UNITED STATES YOU WILL BE PROVIDED CREDIT CARD / LOAN EVEN IF YOUR SCORE IS THE WORST AND THE INTEREST RATE IS ALSO 0.05 PAISE PER 100 RUPEES . - JOSEPH WILFRED - 28/03/2014 AT 16:36 HRS      


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