Complaint Details

Status	:	Closed
Complaint No	:	0014171/2013
Category	:	Credit Card
Date	:	27-12-2013
Subject Line	:	LOAN ON CREDCARD ISSUE FINAL SETTLEMENT
Complainant	:	varghese AE
Address	:	#9, Grace, 3rd Block, Gurumurthy Reddy Layout, Rama Murthy Nagar,
Complainee	:	Kodak Mahindra Bank
Address	:	Kodak Mahindra Bank Ltd.,,Banshankari

Complaint Details
New onlin e complaint
I had availed a LOAN ON PHONE ON my credit card a/c during the month of Dec,2007 and had been paying the ECS regularly. But during the year 2010, due to recession my income was getting low, and seeing this immediately self approached the ABN Amro bank to close all the credit cards and loans as such closed three credit cards and one short term loan. Seeing my good financial conditiion, the bank was pleased to issue 3 credit cards and two loans on my main credit card.For remaining one loan, self approached the bank to close the loan account verbally as well as in writing.
But the bank didnt heed my request and kept pending for a long time and sold to Kotak Mahindra bank without any intimation to me. When two people from Kotak Mahindra appeared in front of my house during the 2nd week of Feb,2013, self asked them about the intimation of takeover of the liability from RBS bank. They informed me that the intimation has already been sent to me. But I have never received the intimation so far. Self sent a main to RBS authority about the intimation and they informed me that they had sent the intimation thru Pigeon courier, and they could not deliver the intimation due to some reasons. I told them that I have never changed my residence since 1997 and the question of non-delivery doesnt arise. Self requesed RBS to resend the intimation, but they didnt do that.
As per my calculation, a balance outstanding of Rs.1,14,444.26 is pending for final settlement. But kotak Mahindra is asking for 1.79 out of which they are offering 1.10k as final settlement. I have all the receipts of payment made directly to the bank after stopping the ECS. This part payment is not reflecting in their account.
Kotak Mahindra agents regularly harassing me by sending their collection agents in front of the house which has caused lot of tension for me and my wife, who is a diabetic and high BP patient. Last time when the agents came to my house and created lot of problems in front of my house which aggravated the illness of my wife, and hospitalised for high BP and tension.

I had explained to them that I am a retired person, having no any income except a meagre pension amount. Whatever funds got from retirement and other savings had been utilized for closing three credit card and one loan account of this bank, rest utilized for the marriage of my two daughters. Now myself and my wife is totally dependent upon my son-in-laws.
I have offered a one time settlement of Rs.60-70k in 3-4 instalments, that is my maximum, but Kotak Mahindra is asking for 1.16k, then 1.10k like that. Self flatly told them I cant afford anything beyond 60-70k in 3-4 instalments, otherwise they can proceed with legal procedures against me.
I have never cheated or denied any payment, but approached the bank when my financial condition was weak during the month of March 2010, but due to the lethargic nature of the concerned bank's employee,matter was kept pending, and subsequently sold to Kotak Mahindra.

Submitted for kind perusal and obtain final settlement of my pending loan a/c of more than 5 years.
with regards

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