Personal loan
jp
(Querist) 16 July 2012
This query is : Resolved
Hi,
I had taken a loan from ICICI bank ant it was a pre approved loan which they had given me against my credit card it was an amount of 3,00,000.00(3 lakhs) they created two separate accounts and they divided my EMI amounts in two parts i was a good payer since the maturity of the loan was after 4years at the end of 19th month i lost my job and from then on wards i could not pay the remaining amount so i went to the bank asking for a settlement and informed them my situation so after a long conversation and gain there for weeks the branch manager agreed as i told him i wanna settle it for 50,000.00(50thousand) however he refused from giving me any letter he said pay it first and then i will issue a letter i didn't do it as i was scared of loosing the amount and finally he requested me to come some other day and take the letter and then pay it then i did as he said after a few days i went there with the money i had arranged he said the loan is sold to a 3rd party agency, so i never paid it now the agency people after 2years are coming at my place and troubling my family members,and threatening them with court/police talks so please advice me how can i settle my situation has not changed that much my boyfriend is willing to give me 60,000.00 (60thousand) to settle this.please advice how can i get rid of this.
prabhakar singh
(Expert) 16 July 2012
Agency people have bought an actionable claim and can file a suit of recovery beyond it they do not have any such right they are currently doing.police has no role to play.Loan matter is civil matter.
jp
(Querist) 16 July 2012
what can i do to resolve it can they charge interest on the unpaid and the overdue balance and if i have to settle how low can the agency offer me a settlement.
Guest
(Expert) 16 July 2012
Depends upon negotiations and mutual trust between you and the manager. Take help of some reliable mediator, upon whose words the manager can trust. Any legal recourse will benefit only the bank, not you.
jp
(Querist) 22 July 2012
Thanks for the suggestion but as per you if u can let me know what is the least the bank can approve a settlement in term of a percentage? so that i can negotiate with them in such a way
SAINATH DEVALLA
(Expert) 31 July 2012
Dear JP,
The recovery agencies are paid agents and their duty is to recover the dues by any kind of ways and means.If you really want to settle the loan,approach the bank directly and plead for waiver of maximum interest and other charges,they will certainly help you with a via media settlement.
