In my opinion this is good you need to attend the Lok Adalat and you have to submit all your presence sons and argumentation you have to the court but you need not to agree to their decisions imposed on you after that this case will definitely go to the court of debt recovery Tribunal and there you can fight your case only thing that is creating the concern is that your case has already been reported in CIBIL and it is damaging your CIBIL record as the matter is pending from last 2 years and the amount of outstanding is increasing day by day so in all you have to settle down the amount but you can negotiate with the bank that in case you are making any settlement your CIBIL record should not be damaged so that it should not create problem in your future financing
Credit card settlement queries
I have well known credit card company send me a notice of settlement and non payment of my dues for last 3 years which is an outstanding amount of Rs 8,77, 000 today as per bank record . My actual expense may not even be more than 50k in last 3 years and I have already paid the company 4.5 lakhs as charges and I am an Imperia Customer with other family bank and demat accounts. I do not wish to default but I can not pay this amount right away. I also not too keen to have a “settled” as it may damage my CIBIL but want to get it “CLOSED” at Rs. 5,10,000 as that was the amount when I started the conversation of negotiation but they are insistent on settlement or full payment of Rs 8,77,000. I had initiated a conversation in Jan2018 asking my branch manager to give me details of all my statement for amount outstanding of Rs 5, 10,000 and after so many followup emails and calls from my side on this matter and her assurance emails saying she and her team will send me details they never shared anything at all. In oct 2018 the collection team shared me the statements and accounts. On contacting the Banking Ombudsman, Mumbai II on this matter given the branch manager never paid heed to so many of my requests because of which this amount got piled up they replied- In terms of provisions of the Banking Ombudsman Scheme-2006, this Office would examine only those complaints as specified in Clause 8 of the Scheme. It is observed that the issue raised is not within the ambit of BOS-2006. We therefore close your complaint under Clause 13 (a) of the BOS-2006 which states that “the Banking Ombudsman may reject a complaint at any stage if it appears to him that the complaint made is not on the grounds of complaint referred to in Clause 8 or otherwise not in accordance with Sub Clause (3) of Clause 9”. In frustration of all the followups I sent an email to the Priority Redressal about 2 weeks ago stating I will be taking this matter to the court on the grounds of immense harassment and defamation caused. Now, The District Legal Service Authority has sent me a pre-litigation notice asking me to attend a Pre-litigation stage to Lok Adalat u/s 19 (5) (ii) for final determination on this Saturday. Also, The bank is not ready to give my gold jewellery that I need to release for gold against loan stating I need to clear the dues else they have the right it sell it off. Please advice if I should go legal in court or go for this Lok adalat session, what amount should I negotiate and best way to close my account my account. Thanks in advance.
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7 Answers
you should attend lok adalat hearing
2) settle for principal amount of loan
3) amicable settlement is best option
4) if more than 3 years have passed claim of bank is barred by limitation
What the heck is this ?
Why are you bothering, your cibil is already negative, stop bothering about it. This history will remain forever. Can improve your cibil later by many other means.
On three consecutive default in payment, account declares NPA. So actual amount due is default + 3 months interest.
You query is not clear, every month banks sends message, statement on e mail.How come you don`t know your amounts.
Log in/on on website, all details available.
Well, avoid per-litigation notice - no repercussion.
you should attend lok adalat in lok adalat you can negotiate and settle. try to settle dispute amicably.
It's all bulshit they cant file any suit now after 3 years as there is no limitation. Got cam also file a cosmuner case nothing
You may first attend the lok adalat session and make a bargain on the settlement amount.
The bank may not be inclined to come down, however the mediators in the lok adalat may be able to convince the bank to come done and make a settlement closer to your offer.
In my opinion you dont have any case to file before court of law because it is return of loan whose liability has been admitted by yo, then what is the relief will ask court while you are at fault?
You can take the assistance of an advocate to speak on your behalf in the lok adalat to reduce the settlement amount.
Dear
You should go for the hearing in lok adalat as in lok adalat the amount can be settled easily and you can get the order in your favor.
