Defaulted bank personal loan since 2005

Dear advisor,

I left Hyderabad - India with some unpaid bank loan, which i realised at later stage. I last paid in 2005 , about 3.4 lakhs due.

I have recently sent money to a mediator (far friend's uncle) who said he will negotiate with bank and i sent 3.l lakhs, when i demanded him to send some bank papers for positive proof he is not responding. instead he kept on saying that still i should send 1 lakh to get settlement letter. i doubt he has cheated me.

Due to crisis I lost job in Dubai. Since then i couldn’t able to re-pay loan whose interest was exorbitant. Bank official sent mail in December of 2010 without any court detail that i should be produced before court for summons and in any case it’s not possible for me to go back to india to attend case.

Does personal loan defaulter cases produced in court and will be issued police warrant for non appearing court?

Incase court issues a warrant against me, Then will i be caught by Airport immigration or city police?
Please kindly advice.

Thanks & Regards,
Vijay Kumar

Don't worry, just hire a lawyer, and tell him to find details regarding case, Or if still there is no any case filed against you by the bank than just tell any of your relatives to get in touch with the bank and find details of loan amount and assure them you'll be paying them back very soon................

And one more thing they can issue Bailable and Non bailable warrant against you,but it take's time and nobody is going to arrest you on the airport.......

Dear Mr. Vijay Krishna,

Thanks a lot for your reply.

even my friends say why always i get tensed due to this loan but are you please sure that there will be no arrest warrant at airport. even i paid money nothing they cleared so far.

i appreciate for your time taken to reply me.

Best Regards

Don't worry dude, they cannot arrest you on airport, this is not a murder trial..........

please let me know details of your loan and type of security you provide during loan saction, so that i can guide you further..........

tension mat le

with regards,

vijay maske

Dear Mr. Krishna Maske,

Thanks a lot for your kind reply.

Kindly please note that i took personal loan against my Salary certificate, bank statement and education certificate xerox copies and there was NO SECURITY.

Actually I have sent money to a mediator (far friend's uncle) who said he will negotiate with bank and i sent 3.l lakhs, when i demanded him to send some bank papers for positive proof he is not responding. instead he kept on saying that still i should send 1.95 lakhs to get settlement letter. i doubt he has cheated me.

He said my actual loan was 3.5 lakhs then less around Rs. 40,000 paid emi installments, then Bank added penalty etc., made it to Rs. 10 Lakh. He said he negotiated and paid Rs. 40,000 to recovery officer and now my total settlement i have to pay is Rs. 4,65,000 + 40,000 = Total 5,05,000.

I suspect he is unable to send me 1 paper about this transaction.

He called me today and said to send me atleast 1 lakh as bank has took cheque of 4,65,000 from him and cheque is due to clear on 27th January. he is now pressurising me to send money and warning me incase cheque bounces then he will be booked police case by my IDBI Head office in Mumbai,  then he will book case at Mumbai airport so that they will catch me at airport.

i am tensed but also suspect his moves. pls advice if there is some genuine way to check with IDBI head office at Colaba-Mumbai about this settlement saga & make sure its REAL 4,65,000 + 40,000 commission.

I have bank no. but couldnt know more.

Thanks for your kind advice & co-operation.

Best Regards,

Vijay

You called a third party to negotiate with Bank. Well that 3rd party appears to have exceeded his authority and himself gave cheque without any back up from you.  The Bank cannot take any action against hi as he owed nothing to banks (unless you and said uncle are hiding more facts).  Why cannot you call up the bank from wherever on earth you are.

there is no issue in personal loan this can be solved very easily

Only action against you lie and you should settle the same early to avoid any extra payments.

DEAR SIR,

One of my friend is a psu employee. He is ruuning a transprot business with spouse name and had the vehicels (buses) financed from many banks (both from pvt and scheduled banks) (loan in the name of spouse about 1 crore for 15 buses)

He is now finding hard to pay emi and wish to foreclose the business. What are optiona available to him. Can he sale the vehicles and settle the loan with the reliased amount. What if bank demand for balance amount.

should the spouse file for bankruptcy or have any other option.

please do reply. He is realy in trouble and facing many emotional and mental hardships.

thanking you in anticipation.

PSUs generally follow Govt conduct rules and bankrupcy and habitual indebtedness is a misccondut for him.

He was also not allwed to conduct business even in name of wife and action can betaken by the PSU as long as they are able to prove that wife's name was a sham.

Other contents are financial query not legal one.

Please send me the clear detail of your loan, I can suggest you the way of settlement.

With Regards.,

M.Madhu Prakash,

900 312 4444,

Advocate,

Madras High Court

M.Madhu77@gmail.com

DEAR SIR,

THE LOAN IS ABOUT 1.2 CRORE, OUTSTANDING MUST BE AROUND 70 LAKH. I HAVE 15 BUSES FINANCED FROM 4 BANKS. EMI IS ABOUT 1 LAKH/MONTH EACH BANK. FACING HARD TIME TO PAY BANK EMI. WHAT IF BANK SEND NOTICE. HOW CAN I SETTLE THE LOAN WITH THE BANK. I WISH TO SELL THE BUSES AND PAY THE BANKS AS FAR AS POSSIBLE. BUT IT WILL TAKE TIME TO SEARCH THE PROSPECTUS BUYER.

PLEASE HELP ME DERIVE A SOLUTION AND FUTURE COURSE OF ACTION.

get rid of this trade as soon as possible.  By now the news may be in the market that you are in crisis so you are not getting the fair price deal  in the buses.