Personal loan repayment
discography
(Querist) 16 May 2013
This query is : Resolved
Dear Sir,
I have personal loan ICICI out of 60 EMIs I have paid 39 and couldnt pay 21 as I was jobless. The loan was disbursed on 25-Feb-06. Currently I am in no position to repay it since my salary is not sufficient to even pay my childs tution fee (my child is not going to school for last 2 years.) I need your valuable advise, is there a way that I can pay only the principal amount that too in installments and then focus on my personal life. Sir, this is the worst phase of my life I really need suggestions to come out of this turmoil.
Warm regards
Advocate M.Bhadra
(Expert) 16 May 2013
Send a letter to the ICICI for re-schedule the EMI and waived the interest.Banks generally does not prefer to file a recovery suit to realize the personal loan.
Raj Kumar Makkad
(Expert) 16 May 2013
Personally meet higher officials of the bank and apprise them your real position with the documentary proof of leaving education facility of your child and your salary and pray as desired. I do hope, bank shall settle the things as desired.
discography
(Querist) 18 May 2013
Dear Sir,
Many thanks for your valuable suggestion. As suggested I will carry a letter and meet the higher officials with my child TC. Sir I have paid 360000 out of 400000 lakhs loan in principal. How should I negotiate. I am really sorry to bother you. Your advice is highly appreciated. I have to pay 170000 in total with interest and fine
ajay sethi
(Expert) 18 May 2013
if you have taken a personal loan bank does not have any security for said loan .you have stated loan was sanctioned in february 2006 and you have paid 39 installments . you have not mentioned when you paid the last installment of loan .
from details mentioned it appears you last paid installment in May 2009 (guesswork on my part) . claim of bank would be barred by limitation if more than 3 years have passed since you failed to make payment .
discography
(Querist) 20 May 2013
Dear Ajay sir, Thanks a lot for your reply. You are right the last EMI was pais somewhere during that period. However I did not understand the last point on "barred by limitation"
Warm regards
Abraham.
