Taken personnel loan from CitiFinancial in 2004 when I was trying to set up a small business business proved a failure resulting got sick due to rise in debt and consequences. Started Job for merely 3600 per month to fulfil the EMI requirements. Paid instalments until 2007. After that no contact was made from bank and from my side. As I want to settle down in life I merely forget to take any letter from bank and even I don’t know about something requires like this. On 22/05/2018 I got a call from Some Executive that they are calling from Kotak/CitiFinancial and there is some amount due from personal loan taken by you in 2004. I responded that I have given all the money to your collection agents and nothing is pending from my side. She said that please give your email id and I will send you the statement. A mail was received after 4 hours having statement of old personal loan. I said there might be some confusion and I have paid all the instalments. They said do you have NOC and receipts? I said its almost 12-13 years old case and I doubt I have something like this and I will check it at home as it’s almost more than 12 years and the documents may or may not be present with me. And I will let you know. I checked at home as no receipts and documents are with me because it’s almost 12 years and might be misplaced or lost during closing of business and shifting. On 25/05/2018 I again got a call from same number and she asked about reading of statement and I denied and disputed the debt over telephone and asked them to come through court turning into an argument and call was disconnected. As I read over internet and other sources. • After 12 years if something is pending from my side and nobody contacted me during that time this is turned into a time barred debt now. • What is SOL period in my case • Acknowledging statement of accounts over mail and telephone does this end the clause of time barred debt? • If I tell them over telephone or by mail that the Loan contract is time barred does the SOL restarts. • Is it necessary to reply to their email having SOA within 30 days to raise dispute over debt or it was deemed to be accepted by default if I do not reply them. • I fear if I accept debt in any case or there might be 2-3 instalments pending there will recover heavily with penalties and charges. • How act and proceed further in this case.
