Personal loan preclosure request denied
varghese
(Querist) 28 March 2013
This query is : Resolved
Sir, I have availed a personal loan on my credit card a/c, after much persuation from the abnamro bank field executives, when they launched their operation in India during the year 2008, their main motto was to catch as much fish as they can and am the one who caught hold of in their net.The said loan was not at all required by me at that time and self refused to avail it, but one of their female executive approached me and she stood as guarantor for my loan to get some monetary benefit and promotion to their career. Seeing my good returns, the bank had issued 3 credit cards, and two loans, all the credit cards and loans closed except this personal loan. When my business returns started deteriorating, self approached the bank to foreclose the loan a/c on 22nd March 2010 (thru e-mail) an received a reply on 23rd March 2010 that they have already forwarded my request to the concerned manager for the same. But they didn't do anything, and kept mum over a period of more than 2 and a half year. Whatever amount kept for the loan closure purpose had been utilized for monthly EMI upto June 2011. As the bank didn't take any action on my foreclosure request, self approached M/s Debt Doctor India Pvt.Ltd., a Bangalore based financial management company, to resolve the issue thru them, for which I had paid their requisite fee also. I thought that the Debtdoctor is being on the job and they will take care of the loan a/c finalisation. But during the last week of Feb.2013, two people came in front of my residence and told that they are coming from Kotak Mahhindra Bank to collect the balance pending loan amaount with ABN Amro Bank. Self inform them that I have not received any notifications from ABN Amro Bank about the transfer of liabilities to your bank so far and they insisted on that. In the meantime, self contacted Debtdoctor India, Bangalore about this development and they told that they are also not aware of this.
Now, this kodak mahindra collection agency
threatening me if I have not paid the balance amount. Self informed them that I have not taken any loan from you, as I have not received any intimation from the lender bank about the transfer of the liabilities to your bank.
I had tried my best to foreclose the loan a/c during the month of March 2010 but lender bank didn't do anything which has resulted the balance amount still pending for a period of nearly 3 years. All the documents pertaining to the loan, request etc are still with me. I had paid 36 instalments out of 60.
Literally speaking, a toal of Rs. 2,68,000/- out of 2,92,000/- had been paid.
Now, am a retired person and no any income except some meagre pension amount. I am not all able to pay more than 50-60k, as total settlement out of total pending including interest of 1.10k.
Please suggest your valuable advise on this matter. As per my calculation, a total sum of Rs.1,10k is pending including principal and interest. My offer is for 55-60 k in 4-5 instalments. Please suggest a suitable action on this matter.
with regards
RAJU O.F.,
(Expert) 29 March 2013
You did not inform what the Debt Doctor company did to resolve the problem. The action of persons came in the name of Kotek Mahendra is illegal and not permitted by RBI and various Courts. You may contact an advocate who is conversant with banking proceedings and cause to issue a legal notice to ABN AMRO and Kotek Mahendra bank to desist such actions. Find out the actual dues from ABN AMRO bank and settle it under OTS.
ajay sethi
(Expert) 29 March 2013
you have paid 56 installments out of 60 . if bank did not foreclose your loan you are not absolved of your liability to pay balance amount of perosnal loan . write a letter to ABN ambro bank for complete stament of account .
if last installment has been paid in Mrach 2010 then if ABN AMBro did not take legal proceedings against you claim would be barred by limitation . dont sign any acknowledgement of liability .
bank will arrive at an amicable settlement
prabhakar singh
(Expert) 29 March 2013
A LOAN WHOSE LAST PAYMENT WAS MADE IN MONTH OF MARCH 2010,IT HAS GONE TIME BARRED OR WOULD GO AT LEAST BY 31 ST MARCH 2013.THEY CAN NOT REALIZE FORCEFULLY BY ANY AGENCY.
DO NOT ACKNOWLEDGE IN WRITING NOW.NO SUIT COULD BE FILED NOW.
kamleshwar Singh
(Expert) 29 March 2013
1. No recovery can be made after laps of three year ie limitation
2. Even legal act can not be done by ill legal means.
3. File criminal complaint against bank and there recovery agents for threat and harassment
4.In {LAWS(SC)-2007-2-118
CalCriLR-2007-2-315
SUPREME COURT OF INDIA
Coram :- A.R.Lakshmanan , Altamas Kabir J.
Decided on February 26, 2007
Criminal Appeal
icici bank Ltd.Appellant
VERSUS
PRAKASH KAUR Respondents} it was observed that
"13. IN conclusion, we say that we are governed by the rule of law in the country. The recovery of loans or seizure of vehicles could be done only through legal means. The banks cannot employ goondas to take possession by force. "
Kamleshwar Singh
Advocate
B.A., LL.B, MSc. In Cyber Law & Information Security
(Managing Director Catlus Law Firm )
Ahmedabad Gujarat
Raj Kumar Makkad
(Expert) 30 March 2013
I do agree with the advice of Kamleshwar Singh.
