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Srivatsa R (None)     30 June 2010

Fraudulent practices by ICICI bank loan recovery team

ICICI Bank offered me a "over the phone" perosnal loan based on my credit card on 04-May-2007.  The loan amount was Rs.2, 29,100/-. The terms and conditions (such as foreclosure, reducing interest etc) were NOT explained clearly over the call

From May 2007 onwards I've been paying (without default / on time) the monthly total amount due on the new card no. They give me a new card no. to pay towards this loan although the loan was offerred based on my original credit card. No application was filled or documents were signed for this loan amount nor were the charges clearly mentioned over the phone. Till February 2010, I had paid Rs. 2, 34,821 towards this card

I contacted ICICI customer care on 04-March-2010 wanting to pre close the loan. The total outstanding due as calculated by ICICI bank on my card statement was Rs. 90207. I received a reply from ICICI customer care to pay Rs.104706 as foreclosure amount. No clear explanation was provided for the extra Rs. 14499

As no clear explanation was provided for the above I stopped payment on the card from March 2010 to April 2010. During these two months, I and my family were constantly harassed by customer care calls during which no care was shown for my intent to foreclose the loan. At one point one of the customer care executives told me that I cannot foreclose the loan and that I needed to pay for the complete term!! Whenever my mobile was not reachable, my in-laws were called and harassed

On April 22 2010, I received a call from ICICI customer care where we debated on the above and finally I was told to go to ICICI Bommanhalli branch for loan foreclosure and settlement on the above. As I was foreclosing the four year loan well within three years I asked for concession on interest rate and said my offer to foreclose was Rs.60000/-

I received a call on April 28th 2010, write off officer of ICICI Bommanhalli Branch and all the above were again debated. Finally he said he would check with his backend team and revert back on the Rs.60000/- foreclosure offer. On April 30th, I was given a code no. as settlement code and asked to make the payment of Rs.60500/- as foreclosure / total settlement amount. Rs. 500/- was charged extra towards removing my name from the RBI defaulters list. I was told that the no dues letter and loan closure confirmation letter would reach me within 7 working days as per RBI guidelines. On May 11 2010, cash payment of Rs.60500 was made at ICICI Bommanhalli branch

From May 15th till date I've been following up with local ICICI Bommanhalilli branch team / customer care on the loan closure statement / no dues letter. The phone no. of the bank official was either switched off or attended by someone else claiming it to be their no. I was harassed by both customer care and bank personnel for this constant follow-up. Finally I received a reply from customer care on June 16 2010 vide " ICICICARE = 030-282-927" saying the loan is not closed and that Rs. 71533 is still outstanding on the card!!! The Rs.60500 is reflecting in the statement and is now used for monthly EMI deduction for the last two months and still amount is pending in account for another three EMIs!

Now both ICICI customer care and Bommanhalli branch officials are playing the fraudulent game of denying the settlement offer. Pls help on how to approach this matter



Learning

 6 Replies

Satya Narayana Palukuru (Advocates & Mediators.)     30 June 2010

You can file a compliant before ombudsman or can approach consumer forum with the letter if any

for final settlement of account . yet the same time u can also inform the bank officials about payment of money and incase of disturbance by phone calls u will approach local police .

keep all papers ie their letter for accepting for a final amount and the proof of your payment  safely since this may require in future

Srivatsa R (None)     30 June 2010

Dear Sir,
 
the problem is that I was only verbally told that the settlement offer of Rs.60500 was accepted. I was told that the RBI guidelines have changed and that only after making the payment will I get the closure letter / settlement letter
 
I do have the receipt for Rs.60500 and it is reflecting in my statement. My total outstanding due on May2010 was Rs. 25229 and yet payment of Rs.60500 was accepted. The bank official at ICICI and the collection agent clearly knew that the Rs.60500 was made as final settlement payment
 
Now they're going back on their words. I'm clueless on how to prove myself
 

 

Unbiased Advice (Advocate)     30 June 2010

File an Online Complaint with RBI Ombudsmen, hope fully the issue will be resolved, Having said that let me remind:

"The Basic Mistake every one do is taking Loan on Credit Card Account, Looking at your Version you might had good Credit History (Credit Score) now with this incident your CIBIL score would be disturbed, Thus they offered the Loan ,

This is for all viewers "Why not opted for Personal Loan from Bank "(Everyone commit the the same mistake)

Unbiased Advice (Advocate)     30 June 2010

File an Online Complaint with RBI Ombudsmen

SRIKANTH MYLAVARAPU (SENIOR OFFICER (LEGAL))     01 July 2010

sir,

at the time of final settlement of your acount u must and should take aan clearance certificate of loan

u fail to take it from the officials.

now they changed their version

even u appraoch to any forum its highly difficult to prove ur case.

my advise is to meet the branch manager and request twise and twise

navin (HR Manager)     03 August 2010

Hi - I have the same problem with the same bank.... however for me... i made a settlement of 15000 by cheque and 5000 by cash... now after 1 year, the bank has come back stating that there is a credit of only 15000 and the settlement is void. I have a letter of settlement for 20000 but have lost the receipt as proof of me making the payment...while i have a feeling iv been duped by the collection executive... of the 5000 paid in cash.

Please advice if the letter will hold good in my case.

Regards


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