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Vinay   10 December 2015

Personal loan from fullerton

Hi All,

Myself Vinay. This query is related to personal loan non payment since 7 months. I have taken a personal loan from fullerton india for 255,000 and I paid 5 EMI's (8,200 INR per month) till May 2015. I was not in a condition to pay the EMI's from June 2015 till now due to some family health issues and one blender which I have made was I relocated from Hyderabad to Chennai by changing my job in some other company and that company is not doing well due to thier bussiness plans and they have shut down the countries which I was handling and in a confusion regarding my carer. Later now recently I have taken a decision and moved to my previous organization with less package which I actually getting in the current.

1. I have recieved a call from Fullerton Bank lawyer stating that they have filed a case againist me.

2. I can't pay the outstanding till now because I do not have money with me now. Can i say that I will pay after 6 months from now and regualar EMI's if they reduce to 4000 I can able to pay it from now onwards by increasing the tenure.

3. I have not given my present address since they are private bankers and they will send goons to my family for recovery.

4. How to get rid from this case, since there are sections 138 and 420 they want to file for check bounce. Will police arrest me

Please advise on my queries.

Regards,

Vinay

 



Learning

 4 Replies

Adv. Yogen Kakade (+ 91 9225510883)     10 December 2015

Hi,

Send such letter about your willingness to repay the loan with interest..but because of certain issues you are not able to pay currently.. but you need to have some time to pay it.

No financial institution has any right to recover the money by threatening anyone.. if you find such people trying to recover the money forcefully or by using bad language.. just file a police complaint in the nearest police station.. and don't forget to file the complaint against the bank.

Adv. Yogen Kakade

Jurycon Incorporation

Advocates & Consultants
Email: juryconincorporation@gmail.com
Web: www.juryconn.in  

 

Vinay   10 December 2015

Hi Sir, Thanks for providing the response. I will send the letter to them on the same. And one thing I wanted to clarify, since I am not paid the EMI last 7 month's, they obliviously not in a good impression on me. Also they will not trust my words. Because I have not in communication with them. I want to make it very stright forward and tell them that what I have conveyed to you. Will there be any possibility to send a not via lawyer so that this will be fair enough. My intention is to pay the loan but I don't want those persons to come home and make any issue. I will pay it through online or any other mode. Please help me in this regard. Thanks for your support. Vinay

Kumar Doab (FIN)     10 December 2015

The deliquency by now would have been reported to credit bureau's e.g. CIBIL.

It shall affect you in future.

 

Better settle thru an able lawyer and get your credit history also cleansed.

 

 

 

SAINATH DEVALLA (LEGAL CONSULTANT)     10 December 2015

One thing is that Fullerton India Credit Ltd is not a bank but only finance lending private institution.When U receive another call from the recovery team,ask them to give the court case details(if at all it exists).No lawyer will call the defaulter and tell him that a case is pending against him,it is the work of the recovery team only.

But better go for a one time settlement and get out of it.


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