Long pending dues on personal loan

City bank took over the business. It means you cannot escape for  dues whatever to the previous company.

Yes Sir. I understand and I would want to clear the dues but CIBIL report specifies as "Written Off" with pending EMI amount Rs. 900 till sep 2013, so it calculates to around Rs.1,10,000 for nearly 10 yrs.  Im just speculating that as per CIBIL statement my pending dues would amount to such huge amount for a Rs.15000 personal loan. The dues are specified only in CIBIL report but Citibank haven't specified the total due amount in their letter but have asked me to contact them for clarification on the report.

for more clarification I have attached copy of report

Thanks

Ram 

If One can’t pay don’t borrow.

If One borrows one should pay.

After 10Y the loan should be hopelessly time barred.

Once the loan is statue barred the lender should not press for recovery.

Written Off should mean 'NOt Paid"..........................."Bad Debt" and adjusted in the books.

It is adverse entry.

The interest should have stooped on the date amount was written off.

The bank may agree to remove the red flags from such an old entry.

Now how would handle CIBIL that you may see on your own and approach your lawyer with the letter sent by the bank.

Dear Mr.Kumar,

Thank you very much ...

I certainly agree with you.

Do you mean that my loan a/c is closed and bank would not call me for repayment? 

I just want to know the intention of the bank disclosing my CIBIL report, which is very much unlikely.. even in loan or credit card application rejection letter.

Regards

Ram

Approach your lawyer with copy of all previous record and letters etc. The lawyer that has seen all docs and has analyzed your inputs can advice you the best.

Your lawyer may opine that the debt is statue barred.

You may show all docs to your lawyer.

Now how would you convince the bank to remove the entry from CIBIL is to be seen by you.

Why don’t you negotiate with CITI also like you have with HSBC?

You owe them monies and if you can pay, pay that and clear the accounts.

You have entered into a settlement with HSBC and settlement is also an adverse entry……………………!!!

You should have obtained NOC and also an undertaking from HSBC that it shall remove the delinquency, red flags and default from CIBIL, Equifax, Experian, master Card negative Feedback list………….and this settlement shall have no adverse effect in your loan taking ability on routine rates applicable to all good customers, in future.

Similarly you must proceed with CITI if you proceed to settle.

@ Mr.Kumar - Thank you for the detailed reply

your comment was a positive reply and surely would go by that. I never thought I would get such an insight and suggestion for my issue on this site.

I would surely recommend this site to my friends and family. 

Very Helpful indeed !

Regards

Ram

You are welcome.

Hi,

I am Abilash from Chennai. I have taken a personal loan from HDFC bank in the mid of 2011 RS 4,00,000 with ROI 18% by tenure of 5 years EMI of Rs 10,212 my EMI Deduction date was 4th of every month and there was no issue in paying it and it went on well and later I had to top up my loan due to some medical urgency so I did it by 2012 with the loan amount of RS.1,50,000 with same 18 %  and EMI amount R. 3574 and same deduction date of 4th of every month. My Total EMI amount for every month is Rs 13,786 for 2 loans. So as I mentioned I did not have any problem in paying till July 2013. Where I lost my job in 2013 and I was into the job hunt even after I lost my job somehow I managed to the clear the EMI for later few months but I was not able to clear the EMI of my loan for the month of December 2013 and January 2014. Later on I got job then I started paying my EMI s to HDFC agency representatives by cash on every month from February 2014 till now without any interruption.

Now my issues are :

1. The pending of those 2 months EMI still I am not able to clear it which results in Balance overdue and recently I saw the overdue amount which is keep increasing for so many months.
2. Another issue is in my old concern I use get my salary by 1st of every month so I did not have any issues in paying my EMIs . Now in my current concern they provide salary only on 8th of every month So I am not able to pay my EMIs on mentioned due date and later on HDFC agency members will be collecting the EMI from me on or before 10th of every month. Which this results to be Pending charges or bouncing charges for me which is keeps increasing on every month.
3. Recently I got call from HDFC agency member and he is asking  me to clear the 2 pending’s. I said  I am the only earning person in my family what I am earning now is just manageable to pay my EMI and to run my family s basic needs only I don’t have any extra income or other options to clear it . So I will be able to clear it by the end of my loan tenure only I said. He replied that he will take a legal action against me for not paying the EMI.

Query and Solution Expected :

1. Is there any way that I can avoid increasing this balance overdue for those 2 months ?
2. As mentioned now I can pay my EMI s on or before 10th of every month only . Is there a way to change my due date of EMI of my loans ? I checked with few HDFC agency members they all said that it can be changed. Is that True ?
3. I have been very regular in paying my EMI for past 4 years nearly . Now is it fair to take a legal action against me for not clearing for just 2 months EMI ?

Please do kindly help me with your ideas or suggestions to get out from this issues.

Thanks in Advance

Abilash