Personal loan

You have a loan and you are duty bound to pay back the good money of the bank.

Bank is having its own reservations on your paying capacity since you are jobless.

However you need to impress upon the bank that you are facing a momentary situations and you are genuinely concerned and willing to clear the debt and bank should supply you the best possible settlement package, and waive off the accrued interest and penalties and assure you in writing that the settlement shall have no bearing on your credit rating and eligibility to avail credit /loan from with immediate effect to in future.

The credit officer of the bank shall be more than willing to come forward and resolve the matter.

It is suggested that you may stop verbal communications and start the process in writing under proper acknowledgment by the BM of the bank.

If the bank is threatening, you may record the calls and report the case to police commissioner/SP/SHO in writing under acknowledgment.

 

Hi Mithun,

 

Please email us your contact details at care@icicibank.com and we will get back to you at the earliest. Kindly refer '2522832' in the subject line.

 

Regards,

ICICI Bank Customer Service Team

@ Mithun,

Although the bank is willing to contact you, you may avoid verbal transactions and minute everything in writing on the spot after every meeting and obtain acknowledgment from BM.

Hi I also faced the same issues with ICICI bank. I cleared the loan amount and i also received a letter from the bank that there is not amount due and the loan is closed. Later when again i was in need of a loan, i applied to a bank for a personal loan and they rejected my application on some credit ratings in CBIL. Can any one please suggest me on this issue. What is CIBIL and what is this credit rating and how it will effect my future financial requirement and i would appreciate is anyone can suggest me to come out of this so that i future i dont feel such credit rating issues.

@ Aruni,

Kindly look into the attachments.

If you have cleared total loan amount without any settlement then you have an edge over the bank and you can sue the bank.

In case of settlement bank  reports the settlement to credit reating agencies and status is updated as:

"Status: Options include: Suit filed, Willful default, Suit filed (Willful Default), Written off, Suit filed and written off, Willful default and written off, and Suit filed (willful default) and written off."

and this lowers the credit score of the customer.

Earlier CIBIL was the credit rating agency and Master Card negative list ( a HFC initiative also known as SATYAM) was designated to keep record of credit card defaults.

Now CIBIL is not the only credit agency and following are the agencies:

CIBIL – Credit Information Bureau (India) Limited (www.cibil.com)

·                  Experian - Experian Credit Information Company of India Private Limited (www.experian.in)

Equifax - Equifax Credit Information Services Private Limited (www.equifax.com)

Banks, NBFC and CC companies take advantage of poor awareness amongst customers and take them for a ride.

Now when you shall approach the ICICI bank to remove your nme from list of defaulters maintanied with CIBIL or all other agencies bank shall demand an amount from you.

Hence it is always better to deal with banks carefully preferably under the expert advice of a lawyer and if you are entering into settlement you must obtain a written undertaking that bank shall clean the credit history and settlement shall no negative bearing on the customer and shall not affect the eligibility of getting loan in future.

Take up the matter with bank and charge them for unfair practices and demand free of cost CIBIL report with clean history and better credit score ( which was lowered due to bank) and ask them to pass your loan. Exert pressure and influence and if required sue them.

Mr. kumar i really appreciate your concern over my issue and thanks for sharing all the details. I will definitely do as you suggested and will also let you know the further progress. I hope your advise in future accordingly.

I had a similar problem with CIBIL. I got in touch with Credit Sudhaar( www.creditsudhaar.com ) They are a crack team run by professionals from the financial services industry. Excellent responses, always available to take my queries.. These guys at Credit Sudhaar are ever reliable. you can contact them on 022-67886788