Personal loan taken from bank in 2001
RAJESH CHOPRA
(Querist) 10 August 2018
This query is : Resolved
Dear Sir ,
I had taken a personal loan from ICICI Bank in year 2001 and there were 36 installments to be paid. In between I got posted from Delhi to bangalore and the installments were paid in routine. Then I got transferred back to Delhi and in this process due to changes in my Bank account and my movement I am not sure that if all my installments were paid or not. I also shifted from the residence where I was staying .
I did not receive any letter or demand from the Bank for payment left if any.
Now after 17 years the Bank has marked a lien in my account which I opened with them and on asking they told me that 2 installments remained unpaid totalling to Rs 11000 and with penalty and interest they are now claiming Rs 49,000.
I would like to know that do I have a remedy against this action of Bank that without intimating me they have marked lien to my account and also is the debt not time barred as per Indian Law.
Can the Bank take advantage of marking lien after so many years. I do not have any record and Bank has not provided me any statement of accounts as to how they have arrived at such a huge amount.
Thanks
Kumar Doab
(Expert) 10 August 2018
The lender might have secured signature of customer at the time of opening a/c regarding… Banker’s right of lien and set off ..
GO thru your copy of /ac opening form and any other declaration/clause signed by you.
The lender shall claim that IT has been communicating with borrower during all years..at the address, contact details (if any given by borrower) e.g; email, phone numbers and limitation has not set in.
IT was obligation of borrower to update new address, contact details e.g; email, phone numbers.. and remember to pay the debt …and hence limitation has not set in.
Usually lenders issue sufficient communications by all modes e.g; phone calls/emails/letters/redg. Post /in person visits by collection-recovery agents…and keep record..
Many of the lenders including M/s ICICI Bank, HDFC Bank wait for new a/c opening by borrower and happily adjust pending dues including interest/penal charges..
RBI issues detailed guidelines for lenders, in such matters.
If Bank employees of lender; M/s ICICI Bank is not convinced with your contentions and is unwilling to provide desired relief then approach higher officials and try to resolve with your skills…
Kumar Doab
(Expert) 10 August 2018
Or approach a very able senior LOCAL counsel of unshakable repute and integrity specializing in Consumer/banking/Civil matters ,latest citations, LOCAL applicable rules/laws/ … and having successful track record…. and worth his/her salt…..with whom you may share inputs /show the documents/evidence for a considered opinion..
At each location three are some counsels that specialize in such matters and they are well known. Such counsels can help to defend your interest.
Check for such counsels at LOCAL DCDRF/civil courts, HC, SC……
Or agree with set off amount and ask the lender to call back your name of list of defaulters maintained with credit bureau’s e.g; CIBIL..and cleanse your credit history..
