RE: LOANS/CREDIT CARD
Vikas
(Querist) 17 May 2011
This query is : Resolved
Hi,
I would like to settle the Credit Card / Loan outstanding of the banks in India.
Now,I would like to know that apart from NO DUES CERTIFICATE (NDC), is there any other document, which I should demand from the bank so that I will not face any problem from the bank in the near future.
Will the bank still hiring the services of Recovery Agents or it has been stopped by the RBI?
Please advise.
Thks,
Devajyoti Barman
(Expert) 17 May 2011
NDC is sufficient.
They still hire debt recovery agents but arm twisting is stopped to great length.
M/s. Y-not legal services
(Expert) 17 May 2011
Yes. I agree with experts.. As per rbi's guidence to banking sectors no collecting agents like gundas not allowed.. And NDC certificate is enough for your safety. More over if you claim also bank will not issue any more certificate regard this..
Guest
(Expert) 19 May 2011
NDC will be OK.
Not only banks, recovery agents are hired by almost every organization.
malipeddi jaggarao
(Expert) 19 May 2011
If you have conducted all your accounts satisfactorily, apart from NOC you can ask the Bank to include one more sentence in the same NOC about the conduct of your accounts.
Guest
(Expert) 19 May 2011
But at times, the NDC is not sufficient e.g. when your name has been reflected in the CIBIL and you settle your account by way of compromise settlement. In that case the defaulter tag would still be there. Hence, if you wish to avail any other finance from any other financial institute, its advisable to first liquidate the existing loan in full, i.e. without any sacrifice.
RAJU O.F.,
(Expert) 22 May 2011
In addition to account closure slip and no-due certificate, if your account was defaulted, request bank to write to CIBIL that the account is closed, with copy to you.
In spite of several judgments by Apex Court, both nationalised (including SBI) and private banks are engaging Recovery Agents, who are mostly goondas, for recovery of defauled loans and also to know the whereabouts of the untracable borrowers.
