icici personal loan - help regarding some queries

Dear Swami

as you write the facts niether you nor your perants is legaly bound to repay the loan amount.

The next step of the bank will be file a suit against your brother but don't worry its routeen work of banks.

Nadeem Qureshi (Advocate)

Palaniswamy,

You hav not stated the facts clearly.

You write that neither your parents nor the gaurantors were aware of the loan availed by your brother. How can this be. To some extent it can be agreed that your parents may not aware of the loan. But how can the gaurantors be unaware of the loan because the gaurantors would have to affix their signatures as gaurantors to the loan.

Then you state that after paying installments for about 2 years your brother defaulted in payment as he had left the country. From the date of last payment to the date of the recovery agents coming to your home, whether you have recieved any statement of dues or any kind of notice from the bank. If yes why did you not inform your brother of the same or why did you not make any attempt to contact the bank officials.

Even though your brother might not be residing at your place anymore, you would be continuing to recieve any notices, summons etc to the same address as it has been stated in the loan document.

For the likely course of action that the bank may take against your brother, the bank can file a suit for recovery of money in which the gaurantors would also be made parties.

The important thing is your brothers name would be included in the Loan Defaulters List maintained by CREDIT INFORMATION BUREAU (INDIA) LIMITED, in short CIBIL, wherein the name in the defaulters list would appear for about 7 years. Inclusion of a persons name in the loan defaulters list would be a hindrance to obtain any kind of loan from any bank in the near future.

sir, thanks for the reply. my parents were not the gaurantors to the loan. we dont know who the gaurantors are. the problem here is like you said, all the notices and recovery agents land up to our house as this is the address which has been mentioned in the loan document. after my brother left for abroad and defaulted on his payments, we have had visits from the recovery agents, on requesting them a statement was also given to us. this was brought to the notice of my brother. he said taht he would contact the bank via email. he has sent an email to the bank, the contents of which i'm not aware. since we were not the gaurantors of the loan, i would like to know whether me or my parents are legally bound to repay his loan. can the bank take any action against us or can it confiscate any property tat belongs to us.

Dear Swami not to orry about it niether Bank nor their Agent can disturb you & your arents if they do then send  an  application to nearest/conccernd Police Station for harressment by them or file the hrassment suit in  the court.

Thanks

Renu Choudhary

(Advocate)

If the house you are residing is not belongs to your brother then the recovery officers have no authority to take action against  the residence building.Next thing you are not the guarantors in the loan . So you no need to worry about it .stand boldly .Why you are afriading ? If they  are harassing you , give a police complaint or a private complaint

NANDKUMAR B. SAWANT.,M.COM.LL.B.(MUMBAI),ADVOCATE

MOBILE.09325226691, 09271971251

e.mail.adv.nbsawant@yahoo.co.in

email.nandkumarbs@sify.com

WITH REFERENCE TO ICICI LOAN, KINDLY NOTE THAT YOUR FATHER OR MOTHER NEED NOT WORRY ABOUT THE LOAN AS THEY ARE NOT PARTY TO THE SAID LOAN NOR THEY ARE GUARRANTORS.THEY HAVE NOT SIGNED ANY AGREEMENT WITH THE BANK.

KINDLY NOTE THAT IN CASE ICICI BANK RECOVERY AGENTS ARE THREATENING YOU AND YOUR PARENTS THEN YOU MAY FILE A POLICE COMPLAINT AGAINST SAID BANK MANAGER INCLUDING CHAIRMAN OF ICICI

NORMALLY LOCAL POLICE HESITATE TO FILE COMPLAINT AGAINST BANK AUTHORITIES HENCE I SUGGEST YOU FILE A CRIMINAL CASE IN CHIEF JUDICIAL MAGISTRATE COURT  .

RECENT JUDGEMENT OF SUPREME COURT IS THERE REGARDING THIS .EVEN  RESERVE BANK OF INDIA HAS ALSO ISSUED CIRCULAR TO ALL BANKS NOT TO ADOPT ILLEGAL WAYS TO RECOVER LOAN.

KINDLY DO NOT GET AFFRAID .IN CASE ANY HELP IS REQUIRED SEND DETAILS OF NOTICE RECEIVED FROM BANK. WILL HELP YOU.

WITH BEST REGARDS

THANKING YOU

NANDKUMAR B. SAWANT., M.COM.LL.B.(MUMBAI),ADVOCATE

I agree with learned  friends- ---- and further add - the Banks can not harras the parties/borrower & Guanrators  , in your case  you and your parents are not borrowers and not guarantors to the loan transaction . 

Simple

1.Do not pay anything to them. They cannot recover from you or your parents.

2. They can only file a case against your brother. They can adopt either/both criminal or civil remedy.

3. If they ever disturbe you again...politely ask their name and mobile phone numbers, and then get a FIR registered against them.

4. Along with registration of FIR you can Email to the company and also send a registered letter to the SSP of your area regqarding the harrasment being caused to you/your parents.

Your best bet>>>remain calm  :-))

Talk to them boldly that;

1. its your brother who has taken the loan and not you nor your parents are guarantors are obliged to payanything.

2. dont give any whereabouts about your brother, keep it in your memory.

3. Finally talk to your brother the way he can repay the amount as suitable with bankers knowledge so you are proving your integrity.

May God help you

Bank has to supply a notice tot he customer.

Bank has to supply the full details of the collection and recovery agents in writing. The customer can demand it by registered post. Since you are being harassed, you can also demand the identity of the bank representatives who landed in your premises without seeking an appointment.

The recovery agent has to carry the copy of the bank's notice and his/her ID.

RBI circulars are very clear on this.

You can seek help from your neighbourers /councilor/well wishers and next time they land ask for their ID and they do not produce it include it in your complaint and hand them over to police. The bank official who shall come to police station shall have to produce their ID, state on the letterhead that they are agents of the bank, and shall have to produce his ID as well. Be firm and do not give any relaxation.

As advice by learned members kindly submit a complaint to SHO and SSP and obtain complaint number on your copies from both.

Bank can not attack anyone's dignity.

Without disclosing your brother's whereabouts, it is better to settle the loan dues, directly  with the bank.  Ask your brother to send money to you and settle bank dues; obtain no-due- letter from them.  Otherwise, bank can trouble your brother abroad also.