Personal Loan: LPBNG 00010206202

Dear Sir

My loan amount is for Rs.5,00,000 and EMI of 15085/=. I have paid 25 EMIs and 23 are due.

It is to bring to your notice, that i am being harassed and coerced to settle the above personal loan
thru ICICI nominated recovery agency.

I even received a message from that recovery agent Rehman 8147241958 that he would come to my house..and just what does he intend to do...as it is he already visited me twice..

The above loan was taken sometime in the year 2006-07.

I had lost my job in Dec 2008 due to slowdown in the IT sector, and since then i have been left to fend for myself and my family. My savings ran out as i began to comply towards paying EMIs and eventually became
a defaulter.

I am 43 yrs old and getting back to the corporate sector has been / is very difficult due to several factors.

1. Hiring and retention has undergone a serious change across the IT sector ( as well as other sectors )

2. The kind of skill-set that i have; any organization can easily cut costs by hiring a person with a little
experience + age, and one who would be groomed to take up a senior role profile.

3. I have debts for which i am seriously concerned about closing / settling them and yet at the same time
looking out for a career opportunity amidst all this competition. I mean these are parallel efforts and it
is taking a toll on my time, energy and effort.

I cannot wait for a company to hire me, hence i decided to start off with a small consulting practice. I am a management consultant whose practice and reputation needs to pick up, and the revenues need to pick up too.

My priority is to run my household and save money towards settling the debt(s)

Now, how am i supposed to focus on my future when i get harassed by recovery agents every now and then?

I had / have always been in dialogue with ICICI to settle the above personal loan, instead they refused to settle when i had the money (2008-09). They chose to extract all my savings by way of collecting EMIs until i became penniless.

Since the last one year i had been in talks with them to initiate a settlement, but they do not give beyond 30% discount, and the instalments are simply not affordable to pay the settlement EMIs.

What i want, is that they book the settlement in advance. For example, we are in February and i do not have any money now. Why can't the ICICI bank book the settlement to happen from June onwards, so
that until then i get to work and save money towards settling the EMIs .... ?

Instead they nominate recovery agencies who use forceful and coercive methods to recover the money due.

THIS IS NOT CORRECT AND FAIR ON THE PART OF ICICI

- I get calls from multiple numbers
- some recovery fellow threatens to barge into my residence
- in my absence, a recovery fellow who talks tough to my spouse
- I had lodged a complaint / grievance on the ICICI website but it is of no use
- When i proactively pickup the call, the conversation ends up in frustration of no solution at all
and loud pitched conversation
- The bank says it will help resolve or find solutions, but they are just not workable !
They do not see into the situation of the individual and his cashflow, instead they
offer their own old fashioned ideas of settling, which WILL NEVER WORK !!

Can you imagine, they also go to the extent of saying ..' why don't you borrow from someone else.. '
That is horrible an idea to think of !

Sir, it is requested through your honorable office to intervene and mediate with ICICI bank and put a stop to the nuisance created by recovery agencies for settlement or demand of EMIs.

At this juncture, it is not possible to pay even a single EMI of 15085/= , instead i can only think of settling the loan at a mutually agreed advance date / month..with a timeframe of 6 months in between, because i need to save and have a buffer cashflow at the time i actually start to pay the settlement EMIs

With great difficulty, i saved up money to put my son into a good school (this is a priority for me). This is already accomplished. Now i am ready to talk and save money for the settlement.

If ICICI needs to recover its monies, they need to think out of the box and come up with mature collection practices (stop primitive ways to recover your money).

I really doubt if they listen to the voice of the customer. They are in a hurry to hit big numbers in collection targets to be achieved for the month- its business as usual for them but for us it is nuisance as usual.

mohanpothur@yahoo.co.in