PREM KUMAR 24 June 2015

Credit card and personal loan outstanding

Dear Sir,

I have 2 Personal Loans & 3 Credit cards which are unpaid from 1-2 months due to some unavoidable circumstances, i couldnt make the payment for them total due amount rupees 6.5 lakhs approx for all dues..banks include in them, HDFC, SCB, HSBC.

A Loan and Credit Card from HDFC

A Loan from SCB & a A Credit card from HSBC

from past 1 months iam getting call of recovery from HDFC Banks (as their part to collect the money), but iam not in the state to pay anything to tha bank, as i have told them that i cant arrange money, due to my marriage i taken a advanced salary from my company, so from past 4 months iam getting my salary deducted from company. in August2015 i will get my full salary even which canot fullfill the payment of my dues.. point is that i cant pay the money..

please suggest me the way forward, should i avoid recovery calls ?? because its so threatning to pick their calls, even you can not answer the call if you are in office.. someone from HDFC told me that he will call my relatives about this loan.. can they discuss my liablity to anyone else beside me or my co-borrower ??

please guide me..if i want to for the settlement, what should i do, should i avoid their calls ? what can be the action can be taken against me ??

Thanks

Prem

Reply Follow

3 Replies

Kumar Doab (FIN) 24 June 2015

Hope you will take it positively.

If you can't pay don't borrow.

You have borowed and you have to pay the debt.

However no bank including M/s HDFC Bank and M/s SCB, M/s HCBC can't make threatening calls and call relatives.

Record all calls and lodge complaint with MD/Chairman of the bank and attach phone calls and demand to identify the callers in writing By Redg. Post to you.

aditya.puri@hdfcbank.com

You can also lodge police complaint and approach your lawyer.

You may go thru many threads on similar queries at LCI alone, e.g.:

https://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp#.VYpOiVJ-hkg

PREM KUMAR 24 June 2015

Thanks for your Reply sir, yes you are right, we shoulnt borrow if we cant pay, everything was okey from the date loan and credit card is issued.. even i dont want to be defaulter in their list.. but at that time i cant pay this huge amount, even i cant request the bank me to give me some time year or more so that i can clear all the due amount gradually (bank will not allow me) if i go for the settlement loss will be for both of us, it would impact my credit score as well as their money..

but the situation is i can pay gradually the whole amount total outstanding is 6.5 lakh if i pay 10000 /-pm for next five years i can pay the amount, tenure would be lesser from 60 months, because ill also try to arrange the money as fast as i can.. but at this time iam totally helpless, borrow new money to cover old money is not the solution..

sir please also advice me should i avoid recovery calls ?? because they dont hear anything, they need their money at a point of time.. also please suggest me if i want to go for the settlement what would be the procedure...

Thanks

Prem