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Sunil Joshi (xxx)     01 March 2010

Personal Loan Settlement

Dear Sir

I do have 2 personal loans from ICICI Bank with 2,61,000 and 2,39,000 and I paid EMIs 18 months for the first loan and 10 mothns for the second loan and after I lost job and facing lot of financial problems and Im not in a position to pay the amount but I really wish to pay in a specific period of time. Now I am getting many calls by a  Police Inspector and he informed me that he is having an arrest warrant againt me asked me to talk to advocate and he forwarded the advocates mobile no and the advocate asked me to pay amt immediately otherwise he will forward the warrant to police dept. On hearinh this I arranged Rs 25000 from so many people and paid to the bank

Can any one suggest me how to go about it

Rgds

Sunil



Learning

 20 Replies

Suchitra. S (Advocate)     02 March 2010

Sunil Sir, it is better you ask the bank to come to a settlement amount after talking to them and concluding the matter at this stage itself.

Gundlapallis (Advocate)     04 March 2010

For how long (i mean in no. of EMIs) have you been a defaulter?

Rajiv Chauhan (Advocate) (Advocate (Shimla) 7833999000)     10 March 2010

Dear Sunil,

That was a fake  call and the court procedure is different.

Sunil Joshi (xxx)     16 March 2010

Sir

 I could not pay for the last 11 EMIs and two days back I paid Rs.25000/- to ICICI Bank

Waiting for ur reply Sir

Gundlapallis (Advocate)     17 March 2010

Mr. Sunil :  Through  letters explain your present situation to the bankers clearly mentioning the reasons of your inability to repay instalments in time.  Tell them you are committed and catch up repayments soon you get the job.  But for present ask them to re-schedule your loan giving re-payment holiday for the period you are job less.  This proposal banker will not probably agree - if he has not responded even after one month or negated your proposal take up this issue to Banking Ombudsman of your region - you will get a solution there.  Best of luck.

 

It's heart wrenching to see bankers sqeeze sincere customers like you, though they know the real difficulty of a salaried person when he looses the job. instead of helping him through his difficult times with further advance of amounts and re--scheduling of out standing loan.

Gundlapallis (Advocate)     17 March 2010

Just for your caution check if any138 complaint has been filed against you in your local magistrate's court through a lawyer and get his advice.

Siva (Consultant)     10 April 2010

Mr. Sunil,

Pls don't be panic. Issues pertaining to Credit Cards, Personal Loan, Housing Loan are CIVIL nature and NOT CRIMINAL cases. So, Police Investigation or Warrant can not be issued in this case. If anyone says about arrest warrant or something, it may be to threaten you. If any threatens you or your family members, then you have all the rights to approach your local POLICE and file a case against them.

Chennai High Court Ordered NOT to refer matters of Civil Nature (Non-Cognizable) cases for any Police Investigation or to issue any Arrest Warrant . So, NO Worries. However, try to settle your loan amount. Pls find the Judgement passed by MADRAS (CHENNAI) HIGH COURT as follows & hope it can be useful for who are all facing similar kind of issues.

 Courtesy:
https://www.thehindu.com

Saturday, August 23, 2008

HC: Don't refer civil nature for police investigation

“Transfer cases of civil disputes to High Court”


K.T.Sangameswaran

CHENNAI: The Madras High Court on Thursday directed the Registry to withdraw cases all over the State involving disputes of civil nature in which magistrates have ordered police investigation, call for the records and transfer them to the High Court.

Passing further orders on two criminal original petitions, Justice R. Regupathi said the Registry should place the entire material and particulars before the Chief Justice for orders for an enquiry in those matters. Further proceedings of all those cases pending with the magistrates concerned were stayed till the disposal of the proceedings by the court.

The judge said all records, including vigilance reports, might be placed before the Chief Justice for taking appropriate departmental action against the magistrates, in particular III, X, XVII and XVIII Metropolitan Magistrates, Chennai, and Judicial Magistrate-III, Coimbatore and Judicial Magistrate, Paramakudi.

The DGP was directed to instruct police officers who had received orders from the magistrates in such cases under section 156 (3) of the Cr.P.C and the Station House Officers (SHOs) who had entertained similar complaints in the name of “petition enquiry” to obtain opinion from the Director-General/Additional Director-General of Prosecution/Assistant Public Prosecutors and to file interim/final reports before the jurisdiction magistrates within two weeks. The DGP should file compliance report in three weeks.

Earlier, Justice Regupathi had directed the Registrar (Vigilance), High Court, to collect statistics of private complaints relating to credit cards, personal loans, housing loans, hire-purchase loans and default in payment of instalments and cases under section 138 of the Negotiable Instruments Act, wherein orders for police investigation were passed by magistrates. Accordingly, the Registrar submitted a report.

The judge said the huge number of cases entertained by the six magistrates was quite alarming.

Mr. Justice Regupathi said some judicial magistrates, in collusion with complainant bankers/financial institutions, were entertaining complaints relating to matters of civil nature and passed orders, under section 156 (3) of the Cr.P.C., for police investigation to the undue benefit of financial institutions. In some instances, they were entertaining similar complaints under section 200 of the Cr.P.C.

Vigilance inquiries were conducted, and the complaints entertained were quashed by the High Court. Despite the High Court’s reaction and repeated directives to judicial magistrates not to refer matters of civil nature for police investigation, it had come to light that such trend was still in vogue.

© Copyright 2000 - 2008 The Hindu

 

Siva (Consultant)     10 April 2010

I hope Bankers/Financial Institutions CAN NOT exercise/enact the 138-Act against their customers and it will be separated from NORMAL Cheque-Bounce cases.

Pls find below is one of order passed by the Delhi High Court Order u/s 138 of the Negotiable Instrument Act:

Since cheque-bounce cases relating to financial-institutions account for more than 80 per cent of total such cases, these may be separated from normal cheque-bounce cases.

 Complete system is clogged mainly because of cheque-bouncing relating to EMI-instalments. It is not proper that courts may serve as recovery-agents for these financial institutions where cheque-bouncing is normal part of their business. Such cases should be tried in separate courts levying adequate court-fees to ease out pressure on normal functioning of courts.
 
For rest of cheque-bounce cases, any Delhi-based complainant should have a right to file complaint under section 138 of Negotiable Instrument Act in Delhi also.

 Thanks!!

Durgesh Kumar Thakur (IT recruiter)     28 March 2011

What could be the repercussion if i stop my Home loan for 6 months because of loss of job. I'm payin my EMI's regularly for last 3.5years. Due to settle ment of my personal loan which i'm planning to reduce my financial burden i want to hold it for 5-6 months. What can be the repercussion.

Will pay them back the whole pending amount + upcoming emi within a duration of 2 months after 6 months please advice

Durgesh

chaitanya (head of frauds)     03 July 2012

Dear expert,

I have taken up a hdfc bank loan of 5,00,000 and invested this amount in a hotel business but I have been conned by the person and he went absconding taking my money.

I have sent him a notice and all the legal formalities are going on.

Because of all this I want bank to hold my interest and payments till the case is concluded or do one time settlement with me. As I have already paying everything from my pocket and is of no use to me.

I heard that we can pose a genuine reason by giving the case details and police complaint copies to the bank to pose a genuine settlement. Please suggest.

Send me your mail ID where i can contact you and seek advice.

Please help, I cannot pay much installments from my pocket as I am being conned.

chaitanya (head of frauds)     03 July 2012

Dear expert,

I have taken up a hdfc bank loan of 5,00,000 and invested this amount in a hotel business but I have been conned by the person and he went absconding taking my money.

I have sent him a notice and all the legal formalities are going on.

Because of all this I want bank to hold my interest and payments till the case is concluded or do one time settlement with me. As I have already paying everything from my pocket and is of no use to me.

I heard that we can pose a genuine reason by giving the case details and police complaint copies to the bank to pose a genuine settlement. Please suggest.

Send me your mail ID where i can contact you and seek advice.

Please help, I cannot pay much installments from my pocket as I am being conned.

nithin (g)     11 March 2014

Sir/Mam,

 
My Father had got a personal loan in Kotak mahindra bank around 5 years back for the business.
 
and he left 11 emi to be upaid around 1lac
 
For past 1 year, every month at-least 2 times they are coming and shouting in my residence and discussing to my colleagues that i have got loan and i'm not responding, so i'm very much upset because of their harassments, and using all the filthy language.

I don't know why they are tracking me, they have my total history, im asking who are them to track my status, i did not get the loan.
 
presently 2 months back, daily they calling me, i told them, speak to my father, not to me.
 
now they are calling to my office colleagues and then telling all the bullsh*t stories, More importantly they are telling to my reporting manger and HR, that i have got the loan and absconded, now all of them seeing me in different way in my office.

They are doing all illegal activities, knocking door , by telling gas n courier.

Now they are blackmailing and harassing stating they drafted a mail to my manager and my sr manager and my
management and they will be sending this (its my fathers matter and company had nothing to do )
 
im getting calls from 
 
9003038550, 04445508532,04445508543,04466611800,04466707612,04466707614

I am not able to focus my professional life. I really need this to address my
grievance.

nithin (g)     11 March 2014

Sir/Mam,

 
My Father had got a personal loan in Kotak mahindra bank around 5 years back for the business.
 
and he left 11 emi to be upaid around 1lac
 
For past 1 year, every month at-least 2 times they are coming and shouting in my residence and discussing to my colleagues that i have got loan and i'm not responding, so i'm very much upset because of their harassments, and using all the filthy language.

I don't know why they are tracking me, they have my total history, im asking who are them to track my status, i did not get the loan.
 
presently 2 months back, daily they calling me, i told them, speak to my father, not to me.
 
now they are calling to my office colleagues and then telling all the bullsh*t stories, More importantly they are telling to my reporting manger and HR, that i have got the loan and absconded, now all of them seeing me in different way in my office.

They are doing all illegal activities, knocking door , by telling gas n courier.

Now they are blackmailing and harassing stating they drafted a mail to my manager and my sr manager and my
management and they will be sending this (its my fathers matter and company had nothing to do )
 
im getting calls from 
 
9003038550, 04445508532,04445508543,04466611800,04466707612,04466707614

I am not able to focus my professional life. I really need this to address my
grievance.

chandra prakash (sales)     24 May 2014

respected sir, i have taken a personal loan to icici bank in 2008 of rs,210000/- and i paid 3 or 4 emis timly then i was facing lot of financial problum so emis break and right now i m in a private job like a sales man and i take salary 7000 pm and i want to pay monthly 3000/- pm few days ago i recive a call to bank agent and i have said to him right now i m in a job so i give you 3000/- pm he said ok go and diposite then i will diposite 3000/- in month of may and 2 days before i recive a summry suit through court . so i asked to you what can i do for that time i m vary dipresd plz help us and guid us.

Warm reagad

Chandra prakash


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