loan absconding cases

Querist : Anonymous (Querist) 20 January 2011 This query is : Resolved
Dear Sir,
My name is mayank. I am from small village of MP. There i was working as manager. I took 3 loans froms ICICI HDFC. due to recession and cost cutting my i got a salary cut of 50% which made me defaulters of icici and hdfc. I have not been paying any emi since last 1 year. And at presently i m shifted to a new place in banglore and is working as clerk and getting low salary, from which i m managing somehow. Please tell me can bank can initiate legal process against me, but as I am absconding then where will they send notices and where will they send summons and all other legal formalities. Also tell me is there any time period that if any customer gets absocing then that matter is closed or else what is the exact process. request your expert advice.

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Amit Minocha (Expert) 20 January 2011
At the last known address, if they have your blank cheques you could land up in bitter problem. Whenever they come to know your fresh address you will land up in bigger legal problem. So better to pay back

Parthasarathi Loganathan (Expert) 20 January 2011
There is a clear intention on the part of the defaulter to evade repayment which is incorrect. Please approach the bank and apprise your present position clearly. Resort to amicable settlement by rescheduling your loan. Else, you can never escape from Recovery Action by the banks concerned.

Querist : Anonymous (Querist) 20 January 2011
Thanks for your kind advice and reply. I have tried to settle the amount with banks 6 months back but they are not ready to settle the amt in short. But my questions still remains the same. Please tell me can bank can initiate legal process against me, but as I am absconding then where will they send notices and where will they send summons and all other legal formalities. Also tell me is there any time period that if any customer gets absocing then that matter is closed or else what is the exact process

Parthasarathi Loganathan (Expert) 20 January 2011
Matter never gets closed even if there is a wilful default leave alone absconding cases.

KAMAL SONI (Expert) 20 January 2011
By avoiding the repayment you are going to spoil your creditworthiness as in such cases Banks use to send data to credit information bureau and once the data is published over there all Banks of country will come to know about your default in repayment consequently you wont be able to get loan / credit card during your life time.

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