Personal loan debt 10 years old and sold to third party
Gautam Patel
(Querist) 13 August 2016
This query is : Resolved
I had availed a personal loan from ABN AMRO bank around 10 years back and paid some EMI but then was unable to pay, gradually the bank was taken over by ROyal Bank of Scotland and now in 2012 the debt was sold to Phoenix ARC a kotak mahindra bank venture, now the goons are persuading me for the recovery of amount of around 2.25 lakhs including cheque bounce and late payment charges. The collection agents and agency is belonging to Rabari and they never have any ID Cards. Do I stand liable to pay this debt or does it come under time barred debt?
Kumar Doab
(Expert) 13 August 2016
You had borrowed and you should have paid.
Don't borrow if you can't pay.
The debt might be time barred.
If it is then it might not be possible to press recovery.
Record all calls/meetings etc.
You have the right to lodge complaint with MD of the bank, RBI, police,court.
You may carefully go thru:
http://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp
If you are unable to handle on your own engage a very able counsel.
Rajendra K Goyal
(Expert) 13 August 2016
The debt is time barred, if you have not acknowledged / paid any amount in last three years.
Record all harassing calls and lodge complaint with the police.
Guest
(Expert) 13 August 2016
Academic query of a law student with a fine tuned minute detail, as to who took over bank, whom the debt was sold, whom the debt buying agency belonged, and whom the collection agents belong!
adv.bharat @ PUNE
(Expert) 14 August 2016
Academic query.
Author need to explain the question raised by expert.
