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Abhishek (BPO)     09 October 2012

Pressure for personal loan repayment

Hello all,

I have joined this forum in the hope that I wil get some help from experienced people.

My name is Abhishek , I am married and have a 5 year old son. I am working in Bangalore.I had taken personal loans of around Rs 5 lakhs in 2006 from different banks. The reason I had taken these loans is becoz I  was promised a job abroad by a consultant.

However the consultant ran away with the money. He went out of India and we could never find him. I was totally devastated after this incident as I had resigned from my job.  I had no choice but to avoid these loans for sometime. I shifted my house and stayed low for sometime.

Currently I am working in a BPO with a meagre salary of around 17,000. When i had taken these loans back in 2006, I was earning around 30,000.

Now banks have found out my address and started torturing me. They even came to my house and misbehaved with my family. I want to clear off these loans but I am incapable of doing so at present.

I have some amounts to 2 banks, ICICI and Future Capital. However , they are forcing me to pay 10,000 and 5,000 resp every month which is impossibe for me. I have a family to take care of, my wife is not working currently due to health issues and my sons school fees is due for the past 6 months. What should I do ? I have become so depressed becoz of this.Other banks have started calling me as well and I dont know what to tell them. Please give some advice.




 7 Replies

Adv. Nikhil Seth (legal consultant (9867264707))     09 October 2012

You can speak to banks and tell them you are not financially in position to pay such amount .Look for settlement options  If they dont agree . Either ways they cant force you to pay If they threaten you than file a complain to local police for harassment .

1 Like

Kumar Doab (FIN)     09 October 2012

You have posted that “They even came to my house and misbehaved with my family. “

Banks have been put under a strict code of conduct by RBI and watchdog BCSBI and even IBA has issued guidelines.These guidelines are available on thier websites.

Next time they come let them misbehave and record the misbehavior {audio/visual and preferably video. Mobile phone comes handy. Arrange some well wishers as witnesses}.This shall enable you to have some handle on banks. Having briefed the banks of your inability and actual situation banks should have made offer of OTS/settlement in easy installments. Similarly record the phone calls.

You have borrowed and you need to pay. Work out your monthly plans so that you can manage to pay.

Attached File : 427177027 9 master circular on credit card operations of banks.pdf downloaded: 131 times
1 Like

Abhishek (BPO)     09 October 2012

Thanks Mr Kumar,

        Can you help me with some information on how to file bankruptcy?  



Abhishek (BPO)     09 October 2012

Thanks Mr Nikhil,

Do you suggest I go to police or should I speak to a local lawyer?

Raja (XYZ)     09 October 2012

Abhishek, I'd advice you not to file for bankruptcy. Rather send legal notice to the Banks and follow legal procedures. No Bank can force to repay beyond capacity and ignoring fundamental rights and duties. it is a big lecture to deliver.... i'd conclude with the simple note that, follow legal provisions.

1 Like

Abhishek (BPO)     12 October 2012

Hi Mr Raja,

                       I tried contacting you today afternoon, however there was no response. I saw your missed call in the evening, but i was in office and we are not allowed to use mobile phones in office. Sorry about that. I will call you tomorrow if you dont mind.

slakshmanrao (accounts officer)     15 November 2015

Contact a good lawer with a request to initiate general power of attorney.There after a copy of the GPA may be got registered with the bankers...Regards...

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