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Old 2nd February 2009, 16:42   #16
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Originally Posted by kb100 View Post
most likely you will get your loan written off as well (damages)
Lol if that happens I will send a thank you for harrassing me note to Kotak along with some flowers
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Old 2nd February 2009, 16:58   #17
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Samarth, hope the matter gets solved at the earliest. Obviously looks like a case of confusion somewhere.

Instilling a sense of deja-vu is the fact that my Ikon is also hypothecated to Kotak Mahindra on a 3 year loan, which should end this year. Never had an issue so far.
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Old 2nd February 2009, 17:29   #18
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Originally Posted by benbsb29 View Post
Samarth, hope the matter gets solved at the earliest. Obviously looks like a case of confusion somewhere.

Instilling a sense of deja-vu is the fact that my Ikon is also hypothecated to Kotak Mahindra on a 3 year loan, which should end this year. Never had an issue so far.
Thanks man, nothing happened for 3.5 years for me too but now this.
Infact I was pretty satisfied till this happened.
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Old 2nd February 2009, 17:38   #19
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I have faced similar issue with ICICI. Thankfully it was only phone calls. Everytime the defaulted month used to be different. Once it was June, the next phone call July EMI and so on. I think this may be a tactic to extract more money from customers.

I sorted it out by going to the bank and creating a scene after giving the required proof. In ICICI, looks like it is the norm. Everyone there was armed for verbal attack :-)
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Old 2nd February 2009, 17:39   #20
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The Chairman and Managing Director along with the manager can be jailed

Hi Sammy,

Immediately write a mail to Kotak Mahindra, the Chairman of Kotak, the Managing Director of Kotak Mahindra and any other directors whose e-mail you can get off their website or the website of Bombay stock exchange, National Stock Exchange, SEBI etc.

In your mail - warn them that they are personally responsible for the actions of the corporation and that you will prosecute them under the IPC (Indian Penal Code) and the Maharashtra Goondas and Organised Crime Act (Prevention). You may include therein your intention of disclosing the nature of their activities over the past few days to any or all persons and/or media in order to obtain resolution of the situation precipitated by their patently illegal and criminal activities.

Ask them to show cause as to why their banking license should not be cancelled in view of their patently illegal activities unbecoming their status as a scheduled bank.

Please ensure that you ask them (jointly and severally) to pay you compensation equal to or more than the purchase value of the car for (a) inconvenience caused to you, (b) the mental agony caused to your parents and you, by their threats and illegal activity (c) legal costs (d) defamation i.e. damage caused to your reputation and financial standing caused by their communicating false information about you to third parties viz. the goondas who visited your parents house, your parents and neighbours.

I have used this to great effect with HDFC who paid up!

Mark a copy to the RBI and the banking ombudsman in your state. You may also mark a copy to the Chief Justice of the High Court.

The supreme court has warned the banks and financial institutions that they should behave in a civilised manner and not take law into their own hands, they have warned them that the directors can be jailed for such actions. The RBI too has warned banks and NBFCs enough times.

Kotak has no business sending thugs goondas etc. The right course of action for them is to send you a mail/letter setting out the account according to them and asking you to reconcile the same or pay the amount due.

I find it strange that these jokers who claim to be bankers only find that some amount has not been paid only after a year or more. I bet that they are hoping customers would have lost the receipts and therefore will not be able to prove the payment whereby they can force the poor customer to pay again (using the goondas employed by them), plain daylight robbery or cheating as I see it.

If you play your cards right @ sammy you can make Kotak pay you to upgrade to a BMW 7 series!

Wishing you all the best.
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Old 5th February 2009, 20:25   #21
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Update: After my mail I got a call from them on Monday, gave them a piece of my mind and asked them to check their records. Said they will check and revert. Disappeared.

Tuesday: Another guy calls, starts giving me some story about me not being clear about which month emi they are talking about. Gave him a dressing down and asked him to check. He apologised, said he will check and call back asap. Havent heard since.

Wednesday: Called them and told them clearly that if I dont get to hear from them and someone dares come to my house, I will have them arrested and drag them to court (as per Ravveendra's suggestion) . THey said they are checking their records and apologised again.

I sent another mail and Dad has sent a reply to their notice thru his lawyer through registered AD. Best part is they didnt give the notice by hand or by post, someone just came, dropped the letter in the mail box and disappeared.

Thursday is over and I havent heard anything from them.
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Old 5th February 2009, 20:37   #22
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sammyboy : i suggest dont linger it on..visit there branch on weekednd and clear the air
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Old 6th February 2009, 14:39   #23
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@ sammyboy: There's absolutely no sense in trying to reason with the recovery agents or call center execs of the bank. If they seem to understand what you are saying and you are able to escalate the matter to their higher-ups using them as medium, well and good.

Else, i suggest that you keep very good track of all the expenses you have had to bear on this account and revert to the banking ombudsman at RBI. You may approach the ombudsman after a month of trying to reason with the bank and not being co-operated with by the bank. And, non or incoherent replies from the bank (as they are wont to) are also treated as non-cooperation.

I got great results from the ombudsman (http://www.team-bhp.com/forum/1160156-post18.html). He is especially useful in resolving these problems cropping from lack of transparency in banks.
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Old 6th February 2009, 15:21   #24
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Thanks Salvation and Supersom, will keep those things in mind.

Edit: Update: Got a call from the Bank, they have agreed that my statement proves that the installment has been paid but they are still trying to find it.They asked me to give them time till the 15th of Feb for this. They promised there will be no one from the collection agency either visiting or calling or writing to me now on.

I asked them to send this to me in writing (mail) and in case some one turns up be ready to face the music. Lets wait and watch now.
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Old 6th February 2009, 15:27   #25
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Keep your car safe.

Change the locks immediately

Also, do not get into any argument with the collection agents, do not let them get into the car. Keep the doors locked all the time and when you approach your car at a public place, keep your eye out for a group of guys waiting for you to open your car and then they jump into your car.

Watch your step atleast till the issue gets resolved

Someone was narrating an unpleasant experience that happened in a market to a family of 3, the husband went to the medical shop to buy something, the baby was in the car alongwith the wife, 4 collection agents pulled the wife out, jumped into the car and drove away alongwith the baby.
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Old 6th February 2009, 18:11   #26
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Quote:
Originally Posted by TheARUN View Post
Keep your car safe.

Change the locks immediately
Thanks Arun, Wow that was some scary incident you narrated. I dont plan to get into any altercation at all. If they take the car I will let them, after that make sure I make them pay enough for an uprade
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Old 9th February 2009, 12:04   #27
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Quote:
Originally Posted by TheARUN View Post
Keep your car safe.

Change the locks immediately

Also, do not get into any argument with the collection agents, do not let them get into the car. Keep the doors locked all the time and when you approach your car at a public place, keep your eye out for a group of guys waiting for you to open your car and then they jump into your car.

Watch your step atleast till the issue gets resolved

Someone was narrating an unpleasant experience that happened in a market to a family of 3, the husband went to the medical shop to buy something, the baby was in the car alongwith the wife, 4 collection agents pulled the wife out, jumped into the car and drove away alongwith the baby.
whoaaah!!!

I was planning a 1 lakh loan for the swift vdi because i just had a baby - the only requirement were visiting the hospital and the frequent trips i have to take to mumbai for work - using ones own car seemed feasible.

What i hear from the forums about car loans are scary - theres still time i can opt for the vxi though.
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Old 9th February 2009, 12:24   #28
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Originally Posted by suprateep View Post
whoaaah!!!
Approach a nationalised bank instead. Cumbersome paper work, but heck the peace of mind is worth all the effort put in.
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Old 10th February 2009, 15:31   #29
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This private bank "recovery agents" are actually goondas.everyone must be knowing this.?dont expect them to be sensible much.atleast ,this is what I know with respect to kerala.
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Old 10th February 2009, 19:14   #30
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@Deepclutch : Its the same everywhere :(

Next update: Got a mail from Kotak asking me to get a letter from the ICICI bank saying the amount was deducted from my account, also to mention the name and address details of the bank branch. Its so ridiculous, after 3.5 years of coolly taking the cheques they want me to give them bank details . Told them straight that they should have all the details in the paperwork and get them thru there. Also sent a scanned copy of my statement to them. Told them this is all I am getting, if they need anything else I am not going to run around. They should be doing that.
Lets see what else they come up with now.
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