Bank: ICICI, Chennai
Paid EMI: 125000/-
I have taken a personal loan with ICICI in 2006. I was supposed to move abroad by Jan 2008. And as per my company instruction of closing the pending payable, I went for a foreclosure with both ICICI PL and Standard Chartered Credit Card at the same time. An agent collected a check for amount of 175000/- for ICICI and 48000/- cash for full payment to Standard Chartered card on Dec 24 2007 in Chennai. He gave me the Chelan associated. The check I gave was of ABN AMRO bank. At the same time, I gave two checks to my parents to use that for their expense, along with a letter to ABN AMRO to close the savings account, advising parents to withdraw the pending amount using the check given. After that I moved abroad. All these days I was in an idea everything was settled.
But all of a sudden on 29th May 2014, means after 8 full years I received a call from a collection executive of ICICI Chennai stating my loan account was not repaid and I have absconded and they have traced me by spending money for Detective agencies. At first I thought someone was bluffing. But then he mailed me a statement stating I have a total outstanding of 6lakhs+ including the interest. I told him that I gave a check to their collection agent and it was all closed. For that he replied they never got any check from any agent and it’s not their issue to verify with the collection agent.
I asked them to give me some time so that I could consult with my advisories on what to do. Then after two days I myself called the agent who called me and asked, "Why didn't ICICI intimate me for these 8 yrs." For that both the agent and his superior told me that ICICI contacts only the mailing address and not the permanent address given in records.
Which was so funny reply for me, as to my experience even if there is single default payment for one month EMI/Credit card these agents call the permanent address and land-line immediately. Then I told them I am ready to pay. But in this case both bank and I are at fault. So please give me some time, and kindly suggest me the feasible amount as its over 8 yrs and you call me out of blue, but before prove and send me a statement that I have not paid and I am absconded and give it in writing. For that they said they can mail the statement and mailed me (statement don't have cheque details I gave and also EMI was cleared till April 2008, where in I have settled the account in Dec 2007 and was out of India by Jan 2008.), then they gave me two options.
1. Pay remaining 180000/- (pending principle) as single installment within a day
2. Pay remaining 280000/- (pending EMI) as two installment in two months from the day they called.
For which I replied, my present status does not allow me to pay that much money, also I am still not convinced as my queries are not answered. Kindly give me some time. As I really want to close this issue in best possible way for both bank and myself. But they were so stubborn on the above conditions. I politely told them I can’t arrange that much money in such short span also I need to verify with my auditor and bank over the same. For that the agents are so stubborn and telling me borrow some where and pay them.
My queries are listed as below.
a. I have issued the cheque to collection agent of ICICI eight years back. If the cheque has bounced or if there is no proper payment of EMI, I am pretty sure and even everyone around will understand that these agents/bank will immediately contact the addresses and contacts provided. Why didn’t they do so?
b. I go with the fact that collection agent failed to present the cheque to bank and EMI was getting cleared till April – 2008. Right from May – 2008 they say the EMI’s are pending and not a single call or notification from ICICI to the addresses provided. (My permanent address and the registered email address are all the same till date in ICICI records)
c. I am getting a reply from ICICI that they notify only the mailing address and not the permanent address. In that case, why did I receive a call after eight full years to my apartment resident, whom I have never seen or spoke to in my life time? And how did they get this new mobile number of mine which is just around 6 months old.
d. Now out of blue they come up and say I have to pay around 6lakhs+ if I don’t agree to pay in the installment options they give.
e. The Collection agent gave a statement that I am absconded for eight years and they have spent money (14000) to detective agencies to trace me out. I really need to get an explanation from them on this. As I would like to know which eminent detective agency and bank didn’t even bother to leave a note at the permanent address they had in their records. (A simple google search of my name first four pages comes with my work, social and other media related profiles)
Please do advise me
- I am ready to pay if I am proved wrong, but not the amount/installments as described by ICICI collection agents. The advice from my friends and relatives are to ignore the calls of collection agents and take them legally. But I being correct till date in all my financial dealings want to close this off in a mutual possible way without much dragging in consideration with my present financial situation and expenses around.
- I need a solution to close this account for all if proved wrong. But the amount and EMI has to be meaningful. I am at no fault. It’s all the fault of ICICI collection agent and ICICI bank who failed to submit and also failed to contact or inform me in this past eight years.
With all these queries left unanswered I started receiving numerous calls from those agents. They even call my professor who taught be engineering well before 10 years, they have called a lady who resides in the same apartment (whom I have never met till date) and she came with the phone telling some courier call and only then I came to know it’s these collection agents.
And yesterday to the worst case I have received 15 calls continuously to my mobile and 5 calls to my office land line. And now they want my present address so that they could send their collection agent with the closure statement and collect the cash.
With all the setbacks in approach by ICICI
- Do I really have to pay? (as its over 8yrs)
- Do I really have to pay it in a day.
3. Even when I told them their mistakes and I am ready to clear it why am I being harassed like this. I hope you could understand my queries concept and the queries I have posted. Kindly advise me on what exactly could be done over the same.
Today they called me and told I have to visit a particular branch in Bangalore and meet a particular person in that branch. That person will give a letter and I can give a cheque. Or they could send a agent to my residing place and I could provide them with a cheque. Or they want me give my address and they will send a summon and I will have to pay full due of 6lakhs plus with interest. (when already they have my permanent address with them)
Please advise me on how to handle this. I have read many threads of similar situations. Does my loan come under time barred ones or will it be renewed again if cheque was not produced by agent who collected from me?
- My permanent address is all the same and my father is residing there. The permanent landline in ICICI records is also active till date.
- Do I really have to go meet the person they say?
- Can I ask them to send a summon to my permanent address registered already in their records which they never contacted for 8 full years.