Loans
sideyin
(Querist) 09 April 2015
This query is : Resolved
This is in regards to my previous query.
When took a loan from Barclays, I had an auto debit enabled. But after i lost my job, i had to cancel it. Now Kotak has taken over my loan and a are requesting a settlement. I do not have that kind of money so i informed them that i would like to go for the auto debit feature. They a re fusing. I am desperate, please advise.
Guest
(Expert) 09 April 2015
Bank cannot legally be compelled for auto debit in default/NP cases. You have to convince the bank about your capabilities and incapacities, if any.
sideyin
(Querist) 09 April 2015
Sir,
Since i cannot afford an settlement, can i ask Kotak to enable auto debit from my account?
Also sir can you be more specific regarding convincing the bank about your capabilities and in capacities, if any.
Thanks
Rajendra K Goyal
(Expert) 09 April 2015
When the loan was taken and when the last payment was made? Whether the loan is time barred?
Consult local lawyer and show him all the documents.
Alternately you can talk to Kotak Bank.
Guest
(Expert) 09 April 2015
You can ask anything to the bank, but the decision lies on the discretion of the bank. About capabilities and in capacities you have to convince the bank about your circumstances or revival of your credibility, by yourself, none else on your behalf.
