Ramya Iyer NK (Teamlead) 21 April 2016

Statute limitations

Dear Sir,

I got a Personal loan in the year 2009. I paid few installemets upto 2009 December. But after that i was not able to pay the debts because i lost my job and was very difficult to find one . But after some months i received calls from the Bank most of was vugular calls and some threatening calls and some of my friends and my office HR Senior Manager receivd calls and my Department manager received calls. And one of my Husband's relative received and bank personnel also went to my spouse office to embarass him. And i have almost cleared all the debts that was pending for me , this loan happens to be final one that i have to close.

- The loan amount what they ask me to pay is 5lakhs within a stipulated period which i have told them i cannot afford.

- I already had 3 loans from the same bank out which i managed to close 2 loans through settlement but i have not received NOC from the bank , they say if i close all the loans then only will i get a NOC letter for the other loans which are already closed.

- Please help and i wanted your advice , please tell me if the loan is a time barred loan. And what sort of negotiation can i make to close it. I definetely have intentions to close it but 5 lakh is a huge amount for me and I can only afford 1.5 lakhs to 2 max.

Please help me with this issue requiring your advice on this.Definetely be grateful since i cannot think of anyother.

Regards

Ramya Keerthi

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4 Replies

G.L.N. Prasad (Retired employee.) 21 April 2016

I am sorry, when Non performing Assets are eating away the public funds, and PSU Banks are reeling under severe funds crunch and in a most pitable position, one can not offer any guidance to your over ambitious efforts without attaning stability during early periods of career and bank will not remain silent till the debt is time barred.

Even if we offer guidance, it is ultimately the Bank that has to yield to and when they are determined to recover each and every single paisa and not even sparing highly reputed industrialists in their endeavours. Consult with your spouse and other relatives or try to sell away the acquired assets to save reputation and credit rating, as assets can be purchased but credit rating and reputation can not be purchased. The only advice one can offer is try to settle the amount and negotiate with the Bank.

Kumar Doab (FIN) 21 April 2016

Don't borrow if you can't pay.

The lenders/banks can't use vulgar language/coercion/threats/intimidation to collect/recover.

Record all calls/meetings.

Raise your demands, objections, greivances to BM,MD of the bank, preferably under guidance of your counsel specializing in banking/consumer matters.

Whatever be the reason, you are expected to pay on time.

The recovery/collection agents can not harass and litter nuisance.

Lodge complaint with RBI as well.

You can download the details from many threads e.g.:

https://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.VxKJPtQrLIU

The clock of limitation shall be reset if you have admitted the debt after 2009.

Anand Bali Adv. (Advocate Solicitor & Consultant) 24 April 2016

I agree with Mr Kumar Doab's opinion.

It is better to settle all your liabilities today, to defer it is not a right solution.

For further legal assistance you can send me a PM (Personal Message) through this site.

Advise; always take assistance from an experienced and well educated Advocate of the field.

You well can see my credentials on my web site www.anandbaliandassociates.com ; plus at many other independent internet sites of India such as on Pathlegal.in, LawyersclubIndia.com; Justdial.com; Kaanoon.com.; Lawsolva.com; Linkedin.com; Legalindia.com; Myadvo.com; Just Dial.com & Sulekha.com; plus many more .

The clock of limitation shall be reset if you have admitted the debt after 2009.Plus with every interest on the principal amount. Please note. It gets revived with any of your action in between.

Please visit www.anandbaliandassociates.com
With Regards !!
Anand Bali, Adv.
(B.Com., M.A., LL.B., M.B.A.)
Supreme Court Of India

G.L.N. Prasad (Retired employee.) 24 April 2016

Here the problem is can you afford to postpone borrowing or having a right to seek rescheduling ?

or you wish to further complicate litigation by prologing the issue of harassment throguh another case for harassment, whereas second case may not give any relief financially to you and at the same time burden you with more financial expenditure and loss of peace ?