Legal Question in Credit and Debt Law in

Hi, I had a loan for 1lakh from ICICI bank, i payed around 50 percent of it and i lost my job so i was not able to pay at that time. These loan recovery officers called and started abusing and all so i said get lost i'm not paying any thing now. the loan was takening in 2006, It has been more then. Now i got call from the bank saying they filing a case againest me....is it possible? i did give them 9 checks at the time of the loan, i wanted to know what kind problem can i face? please help me

Arya & Co.

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The bank could not have resorted to abusing. Normally the limitation period would be seen as three years. In case you have issued cheques, three years period would be counted from the date of cheque. Secondly, if the bank has filed a criminal case on the basis of dishonour of your cheque for which you must have received a notice, then you will have to contest that.

It was not the bank that abused but the collection agents. anyways i have actually not recvd any legal notice but then i have moved house since than so maybe they sent a notice. I want to pay the amount but i can't afford to pay it all as once, there are giving me a settlement amount that i need to pay and they say that my name will be removed from the defaluters list. But i can only pay the settlement amount in installments and they are not agreeing to this. I made a mistake while talking the loan but i was only 20 at that time. Now i want to pay it all off but in installments.


Asked on 9/22/10, 4:02 am

1 Answer from Attorneys
Vishwa Arya Arya & Co.

Whether it was bank or their collection agent, it means the same. Secondly, if a notice had come then it that case they will file a case and on the first date it self you request the court that you are willing to pay but because of your financial constraints you would like to pay in instalments. You have another option to write to the Bank Ombudsman for rescheduling the loan because of your particular situation. If they file a civil case, then also you may request for instalments.

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Answered on 9/22/10, 7:19 am


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