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Loan amount settled now asking for more amount what can I do
21-Jun-2023 (In Recovery Law)
Dear sir , i have borrowed a loan from icici bank in 2006 for a teniure of 36 months , i paid 25 emi and did not pay further. in 2009 i made an settlement for the balance and paid a particular amount. But now in june 2016 they are asking me fot the same but unfortunately i dont have any receipt of the said amount. now how can i convince them that i have no dues pending at me. can they take any legal action now beacause loan was approved in 2006. please help me in this regard.
Dear Sir,
The limitation period starts from the date the loan becomes due. i.e. upto three years from the date promised to be due.
The last payment was made in 2009, and if there is no communication since then, then the limitation has been expired, and they cannot enforce the said payment in a court of law, as the said suit shall be barred by limitation. But remember always that there shall be no acknowledgement of the said loan since these last few years, as the same shall again bring the same within limitation. You must not give any cheque or any kind of part payment towards the same, as it will give rise to a new limitation and for further amount, the bank will sue you.
Secondly, if there was a settlement, then you must have a valid proof of the same, in your case, you have lost that receipt, the exact terms will be ferreted from the terms and words used in that settlement agreement.
The limitation period starts from the date the loan becomes due. i.e. upto three years from the date promised to be due.
The last payment was made in 2009, and if there is no communication since then, then the limitation has been expired, and they cannot enforce the said payment in a court of law, as the said suit shall be barred by limitation. But remember always that there shall be no acknowledgement of the said loan since these last few years, as the same shall again bring the same within limitation. You must not give any cheque or any kind of part payment towards the same, as it will give rise to a new limitation and for further amount, the bank will sue you.
Secondly, if there was a settlement, then you must have a valid proof of the same, in your case, you have lost that receipt, the exact terms will be ferreted from the terms and words used in that settlement agreement.
Helpful?
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Adv. Manish
Delhi | 100+ Answers
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As you dont have any receipt or settlement agreement, you can show your bank account statement from which you paid the settlement amount. and can even ask for your loan account details from the bank. For further query pls contact.
Helpful?
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19+
Adv. Prateek Kumar
Delhi | 25+ Answers
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