Personal loan
discography
(Querist) 19 May 2016
This query is : Resolved
Dear Sir,
You must have seen many questions from me earlier. I went through financial crises due job loss and was jobless for 3 years.
I have ICICI personal loan pending. The last instalment was done in 2009. The outstanding then was around 120000. Now its become 360000. I have ICICI home loan also, which I am paying regularly without defaults.
The collection agency is calling my 3 times every day. I told them why don't you give me a topup on my homeloan and recover the amount. They are not willing to do it. Outstanding on home loan is only 100000 and the property value is 600000. I don't understand why they dont want to solve the problem.
Earlier my homeloan top up request got rejected by ICICI because of poor CIBIL score.
I told them not to call me everyday because the only way I can pay is through the top up loan. I am still recovering from the loss.
Please could you let me know what my options are.
Many thanks as always.
regards
Abraham.
Kumar Doab
(Expert) 19 May 2016
What is your understanding from previous posts.
Record all calls.
If you have borrowed, you should pay.
Don't borrow if you can't pay.
If you have not admitted the debt since 2009 then it might be hopelessly barred by time.
If it is barred by time then recovery can not be enforced.
If your CIBIL rating is poor no bank may lend to you.
You may go thru many threads initiated by you and discussed at LCI e.g;
http://www.lawyersclubindia.com/experts/Credit-card-payment-default-599326.asp#.Vz3WnzV97IU
discography
(Querist) 19 May 2016
Thank Kumar Sir, for the advise. What I have learnt so far is that it is definitely barred by time since I have not agreed in written. However they dont stop calling me. I get 3 calls everyday. Though I have not agreed to pay in written, but gave them the suggestion on the phone that I can pay only if my loan is approved. Them EMI on home loan will be very less and I will be comfortable paying it. I will follow your excellent suggestion of asking them to send a letter through registered post and followup with the MD of the bank. thank you so much. Warm regards Abraham.
Kumar Doab
(Expert) 19 May 2016
The bank to whom you owe won't let you off the hook easily.
You may engage a very able counsel specializing in banking/consumer matters to bring you out of it without ant adverse effect or apply his skills and get you a deal without any effect on your loan taking ability.
It is reiterated that:
If you have borrowed, you should pay.
Don't borrow if you can't pay.
discography
(Querist) 19 May 2016
Sir I am confused, between the two statements 1. If you have borrowed, you should pay 2. If you have not admitted the debt since 2009 then it might be hopelessly barred by time.
What should I do. As advised I will engage a lawyer though. And as a matter of fact, I have engaged lawyers on two occasions in the past. Thank you Sir.
P. Venu
(Expert) 20 May 2016
"I am confused, between the two statements 1. If you have borrowed, you should pay 2. If you have not admitted the debt since 2009 then it might be hopelessly barred by time."
There is no confusion. You are liable when you have borrowed; that liability is inherent and is extinguished when you fulfill the promise to repay. However, the borrower cannot enforce the payment once the period of limitation is over.
Rajendra K Goyal
(Expert) 20 May 2016
You have home loan from same Bank and paying the installment regularly. Please go through all the documents. Housing loan from same Bank is regular, personal loan may not be marked as time barred. The revival letter / agreement for housing loan may be having the terms to acknowledge all your debts with the same Bank. Fact can be ascertained after referring all the documents.
Kumar Doab
(Expert) 20 May 2016
Expert Mr. Venu, Mr.Goyal has already described. Examine carefully.
discography
(Querist) 20 May 2016
Thanks you Sir, that was very insightful. I will read the documents. Not sure How much I will end up paying the bank. Wish I had a job then. Now I will endup paying atleast 2 times more. . Warm regards Abraham.
T. Kalaiselvan, Advocate
(Expert) 23 May 2016
I agree with the experts opinion that the personal loan is hopelessly barred by limitation now.
If you keep getting phone calls or threats you may resort to issue a legal notice to the people who make such calls to refrain themselves from indulging into such illegal acts and if at all they have any claim against you they should resort to due process of law instead of adopting such illegal steps.
This may bring some respite at least temporarily.
SAINATH DEVALLA
(Expert) 23 May 2016
UR default personal loan and the existing home would have already been linked together as both of them belong to the same bank.I don't think period of limitation for UR PL attracts when U have another existing loan.
Moreover even if U pay the entire homeloan UR liability will still exist for the default PL.
I also strongly feel that at this point of time U R not eligible for the top up of the home loan.Hence go to the bank,sit with the concerned officials and make a settlement for UR PL.
When was the home loan sanctioned?
discography
(Querist) 25 May 2016
Yes sir I am discussing with the bank. They are asking 4 times the amount as of now. Arm twisting I guess .just praying to reduce it.
