Rahul P 26 April 2016

Hdfc recovery team - harassment

The attached are personal loan of HDFC from last six months i am in problem as i had suffered a heavy losses in my business and my overdues from clients

I have taken HDFC PL when i was salaried employee and now last six months struggling to pay the EMI's

Now i have not paid my EMI's from last two months.

HDFC People have called my wife initially. Now, they have called her colleagues and friends regarding my loan non payment.

This has put my wife in pressure and embarrassment.We want to ask the HDFC people what did they get in talking to her friends and collegues.

Why they are harassing my wife and calling colleagues and relatives.

I need some help from your side to manage them as we facing lot of problems.

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1 Replies

Env Coord (.) 18 May 2016

Best Option is to SETTLE with the Bank !
Initiate communication with them, and try to work out a compromise.

Banks have an option to proceed against a Borrower (Debtor) legally also, if their loan turns Non-Perfoming Assets (NPA) on your account. If the borrower does not pay dues for 90 days after end of a quarter; the loan becomes an NPA and it is termed as “Special Mention Account”.
Since, you have not paid EMI for last 2 months the period of 90 days will soon lapse in order declare your loan NPA by the Bank. Hence, they are resorting to pressure tactics against you in order to compel you to pay-up.

Talk to the Bank's Branch Manager or any Senior officer entrusted with handling NPA Accounts.
Tell them your situation & try to compromise by requesting them to reduce your EMI amount and increase your loan tenure.
Anyways as per the law, the banks can file a case against you under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 (also known as the Sarfaesi Act) for recovery of debts and get an order to attach your movable/immovable property which would be sold via auction to recover the dues that you didn't pay to the Bank.

Furthermore, in present scenario Courts have been critical of debtors and loan borrowers when they fail to pay up. Look at the recent case of Kingfisher Airlines & its promoter Vijay Mallya for owing Rs. 9000 Crores to the Consortium of Banks.
Avoiding the present situation at this stage will only aggravate the problem further.
Best Option : Talk to the Bankers and explain them your hardship.