[DRPSREDDY]

Originally Posted by Figo0202

Moral of the Story:
Keep an eye on your CIBIL report
Never trust family with your documents. (Love them, but don’t lend them your identity!)
Here’s hoping my next post is about my new car – not another life lesson

Twice bitten....no shy!!
Absolutely true. Faced the same saga....

First time, my brother-in-law wanted a Mahindra Bolero Maxx and took it on my wife's name. He ran into troubles and did not pay on-time. My wife's CIBIL score was hit. He sold the car to another cousin and assured me that he would take care of the payment regularly. But that guy too had issues and didn't pay the EMIs. After lots of pressures did they clear the loan after couple of years.

Similar story, Where I was guarantor to my brother's car loan. He too didn't pay and kept skipping EMIs. After 2-3 years of his term did he started paying the loan regularly and upon it he closed it later.

In both the cases for pressurising them, I was given the looks of a villan and had to take a bad reputation. I had to face rock bottom CIBIL scores despite paying on time all my credit cards and car loans.

Now this is where things get interesting. Again due to a family emergency, I was forced to sign a mortgage for my sister and now they are irregular in payment of EMIs and upon it I am given cold shoulders and sarcastic looks.

Moral of the story: Never help even you own siblings whatever may it be. Better stay away with some reason or the other. I somehow feel friends are better than family and DON'T GET INVOLVED WITH FINANCIAL MATTERS!!

[wheelspinner]

Don't call him your uncle, because even close family friends would pay up in that circumstance. He should have sent you the money right away. Consult with a lawyer who specialises in cases of forgery. He could be charged under forgery and cheating, alongwith your dad if he was an accomplice if he did indeed provide those documents to him. If he doesn't budge, do threaten him with legal consequences so as to settle. Don't pay a penny out of your pocket. I have spoiled many a relations due to these reasons. If they only care about money and feel entitled to do such things, I don't want to be related to them in any way.

Try to understand this. Your CIBIL is cooked. This is no joke. They could be doing something like this yet again, and you aren't fully sure what else they might have done with your KYC documents. Take the legal approach to resolve this. Stay safe!

[funkykar]

Everything OK. But someone settled in Canada cant foot the bill to clear the mess he created? Such a shame.

Why did you agree to pay and did not push him to close it? If blood relation is that important, you just pay and there was no need to make a thread here in public.

If it wasnt that important, do take action. Never too late.

[Figo0202]

Originally Posted by Ananthang

Did you sign the document? If yes your moral is already good.

If you did not sign - ask the bank for primary applicant signature, if your uncle had signed it is forgery. Legal action is up to you

To be Honest I think I signed the docs because the signs with bank are like my signatures.

Originally Posted by gischethans

If it is the uncle's PAN card, shouldn't the uncle's CIBIL be impacted?

Thats where I did not get clarity from the Bank. They just told me because I opened a savings account with them, they were able to add it to my CIBIL. This all was weird because when I look at my CIBIL report it says suit filed but amount pending shows 0.

Originally Posted by thanixravindran

It looks like your uncle made you as the loan applicant with your college ID (may be forged your signature, one has to give an undertaking that no PAN card is available those days) and maybe he stood as guarantor with his PAN card.

Yes. The bank records show me as primary applicant, but I am not sure about the forging of the signatures as the signatures with the bank are mine only but I can't recall if I signed any documents as it happened almost 18 years ago.

Originally Posted by thanixravindran

It will be a long-drawn process to contest this type of issues. Sad that your dream has to wait but good that you are getting it corrected at your cost so that in future you can avail financial services.

Agree with you. My wife is a practicing advocate at High Court, and she also recommended me paying it off (After long scolding session )

Originally Posted by F150

The story doesn't add up.
1. Dependent person cannot be primary applicant
2. How did they tag that loan to you if PAN didn't exist at the time of application?

1)The Bank says I was the primary Applicant.
2) They say back in the day the PAN card was not necessity if someone gave more than 30 percent downpayment of the total value. Not sure if its true.

Originally Posted by AMG Power

The bank cannot hold you liable for money taken by forgery. You have to establish that you have not signed the documents and received the money.

As I said I can't really recall if I signed documents or not but the signatures match with mine. My wife says the process will be long drawn and it will keep affecting my credit history so it's better to pay it off and take it as a lesson.

Originally Posted by Axe77

Regardless of above, it’s best to pay it and close the chapter with the bank so you can set right your CIBIL asap. No legal action for this amount is worth it.

Very disappointed of course at such a petty approach by the uncle who’s not had the grace to even cover the amount. That to me is the most disappointing aspect of this saga.

Totally agree with you the credit score has already hit low 700s and I really don't want it to go down more. Regarding, my uncle less said is better, the conversations I had with him can spawn into a novel.

Originally Posted by DicKy

What??

Like, are you not in good terms with your uncle? He defaulted on a loan taken in your name. Not even sorry or apologetic or promise to pay half even.

Well, he doesn't see it like that he is of this opinion, it's your problem you deal with it

Originally Posted by AsphaltNomad

@Figo0202 - Hats off to the maturity shown by you. The less said about "the uncle" is better! I'm sure there has been a heart burn but to move on in the right direction is what matters. I hope you get yourself the Scorpio and enjoy it thoroughly.

Thank you for the kind words. I hope this mess gets settled soon.

Originally Posted by somersault

I would suggest paying it up and get the CIBIL fixed asap. At the same time, do send a letter to the bank stating that I have not taken this loan and it appears that the family member had taken it. I am settling this loan on my personal front as a good citizen. Do get the acknowledgement from the bank with sign and signature once it is fully repaid. This letter will be useful to you in the future.

Well, the bank has told as soon as I pay full amount, they will issue me a NOC and they have given it to me in written that the suite filed status will also be removed from my CIBIL.

Originally Posted by GoBabyGo

Hi, I have help one of my ex colleague who was in almost similar situation as yours. We approached first bank and then Banking Ombudsman for settlement. There was due of less than Rs.5000/- but with interest it went up to Rs.105000/- (roundoff for easy reading). We settled with bank for Rs.15000/- as there was no fault of my colleague for that loan.

After obtaining no due certificate from bank, we approached CIBIL via email showing urgency in the subject line and sent them the no due certificate letter and requested CIBIL to update the same in their system attached with my colleague PAN card. It was only six working days and CIBIL updated and his home loan was approved basis no due certificate from bank and revised CIBIL score (which was still lower than required, but since my colleague was having salary account on the same bank, where he applied for home loan, with very good track record, loan was approved).

Don't pay full amount to bank. There will be no impact on your CIBIL score whether you settle it with bank at lower amount or pay full amount (with interest)

Thanks for the update. I am not if I can take this route now as I already agreed to pay in 2 installments and have paid one already.

Originally Posted by aashishnb

Did you not try to negotiate a OTS (One Time Settlement) with the bank since they must've already fully written off the loan?
Looks like they've charged you interest, penal interest, etc. to arrive at the new sum.
While it would have saved you some money, not sure how it reflects on the CIBIL.

The bank offered me to pay onetime settlement of Rs 50000, but they informed that the loan will always show status as settled and it will impact my future loan applications.

Originally Posted by DRPSREDDY

Twice bitten....no shy!!
Absolutely true. Faced the same saga....
…

Moral of the story: Never help even you own sibilings whatever may it be. Better stay away with some reason or the other. I somehow feel friends are better than family and DON'T GET INVOLVED WITH FINANCIAL MATTERS!!

Damn, what kind of world we are living in. I can totally understand your frustration. The Moral you have mentioned is what I am going to follow religiously and will teach my children about the same.

Originally Posted by wheelspinner

Don't call him your uncle, because even close family friends would pay up in that circumstance. He should have sent you the money right away. Consult with a lawyer who specialises in cases of forgery.

Totally agree with you. As he has been living in Canada since 2019 am not sure how we can take legal action. At the moment priority is to pay off the money and cleanup my CIBIL.

Originally Posted by funkykar

Why did you agree to pay and did not push him to close it? If blood relation is that important, you just pay and there was no need to make a thread here in public.

I did speak to him couple of times and he said he is facing financial crunch, but the tone was suggesting it's your mess you clean it, no matter who did it.

I created this thread to share my situation and vent it out, but I do understand the point you are making though.

[somersault]

Originally Posted by Figo0202

Well, the bank has told as soon as I pay full amount, they will issue me a NOC and they have given it to me in written that the suite filed status will also be removed from my CIBIL.

Well, the letter I am suggesting is about conveying your official stance to the bank that the loan is not yours but you are paying it. This letter when acknowledged by the bank makes a solid document of your case, even though you pay under protest. You may use the document later (if needed) to ask for this money from that uncle's family.

The NOC is a standard process whether you have the loan in your name or not. But with only the NOC, you will only make a statement that loan is cleared and nothing is due. It would not have an official background of your case for payment.

[Figo0202]

Originally Posted by somersault

Well, the letter I am suggesting is about conveying your official stance to the bank that the loan is not yours but you are paying it. This letter when acknowledged by the bank makes a solid document of your case, even though you pay under protest. You may use the document later (if needed) to ask for this money from that uncle's family.

The NOC is a standard process whether you have the loan in your name or not. But with only the NOC, you will only make a statement that loan is cleared and nothing is due. It would not have an official background of your case for payment.

Thank you for clarifying. I will work on it

[whitewing]

Originally Posted by Figo0202

..His response? “You’re the primary applicant,..

Thanks for sharing this cautionary tale.
Was the bike also in your name? Please check if you have any outstanding tickets and ownership transfer is completed and no outstanding tickets etc.

[Neil Roy]

Originally Posted by Figo0202

The Damage: ₹1,72,000 (interest does what it does best – multiplies). Paid the first instalment in December. Second one due January 2025. The Scorpio N will have to wait until my birthday as bank said it takes upto 6 months to refresh the cibil

Moral of the Story:

Love your positivity. No trash talking your uncle publicly, what next to be done attitude. You have a very upbeat personality and it shows. Money can be earnt anytime, good upbringing is a different kettle altogether. Do keep us posted of your new acquisition.

[happymover]

My Uncle Story:-

More than a decade back, I have also been fleeced by one of my close uncle.
Uncle was/is LIC agent & was bugging me to buy a LIC policy.
My father pitied on this uncle, and made me budge.
Post this, Uncle neatly handed me a useless policy with a huge premium.
I paid the premium for couple of years, stopped & accepted the loss.
Due to this & other similar matters with this uncle, My father realized his mistake & repented his decision.

Cut to present day, My father has burned the bridge with this uncle.
I never made any fuss & am at peace with the same uncle.

[ramnaresh_2000]

This is a shocker. Sad to know you got treated this way by your uncle. If someone would have done this to me, I would have gone to many lengths to damage their reputation in their friends and family circle and would make everyone aware how fraudulent this person is.

I see many members are trying to find mistakes from the victim, this was back when he was still a college kid, come on give him a break. I did many stupid things when I was a student and regret many. Please stop blaming the victim here. This was many years back, I don't think the regulations were as strict as they are today.

The moral and lessons learnt are important here rather than bashing the victim.

[RROD]

Fortunately my dad gave me all the guidance and protection.
When I was working in US and was coming back home for a a couple of weeks visit. My dad gave me a heads up, friends and relatives will come by to say hi who never bothered when I was in college.
He even gave me heads up about who would come and ask for money.
He warned me not to hand over a single penny.
I can’t thank my dad enough for his wisdom.

[F150]

Originally Posted by Axe77

Where has OP said he was “dependent” or under 18 years of age. He was in college and may well have been 18 years+ / an adult.

Secondly, it’s quite possible since his dad had offered this, he may have signed the papers and there was no forgery involved. Even if there was, the time spent in proving forgery etc will not be worth it as it will only delay his CIBIL score being fixed and him being able to move on in life.

If at that time, the document was done with OP being the primary applicant then his CIBIL status will be rightly affected. It’s likely his uncle stood behind as the “credit” / guarantor. Nothing incorrect in OP’s CIBIL being affected in this circumstance.

Since OP was a student at the time, with no direct source of income, he cannot be primary applicant. Anyone who has no direct income is a dependent, it is not decided by age. OP didn't have PAN at the time, how did they arrive at the conclusion that OP and the applicant on the old loan are the same ?
Were the 11 EMI's deducted from OP's account ?

I understand it is easier to settle and move on, but these are some of critical questions that one should try to get answers to.

[abhishekjoshi84]

What I am wondering is why IndusInd bank did not reach out to you when their internal system matched your profile/account with them as the same customer having 18 year outstanding loan. Ideally they should have called you or notified you even before they updated CIBIL.

[Axe77]

Originally Posted by Figo0202

One banker finally informed me: a two-wheeler loan from 2006 was haunting me.

Just curious on a few related aspects. Was the scooter purchased in your name or your uncle’s? Surely it would have been hypothecated to the bank.

What happened to the scooter? Was it ever sold onward, does it still remain as junk somewhere within the family? If its in your name does it have challans or more worryingly was it mis-sold onward in some form with the official ownership still remaining in your name.

Worth exploring and closing that loop as well. You wouldn’t want a separate kind of saga 2.0 on this front at some point.

EDIT: On an unrelated note, thanks to the OP for one thing. At the least, this thread prompted me to self audit my own CIBIL score and also cross check all open credit lines as well as the closed ones for factual accuracy.

[V.Narayan]

"Most people return small favors, acknowledge medium ones and repay greater ones - with ingratitude."

- Benjamin Franklin

My compliments to the OP for spelling out his challenge without rancour or angry language even though he is well within his rights to be angry.

The quote above from Benjamin Franklin is seared in my mind since my late 20s when I got a pile of horse manure dumped on me for providing extra ordinary life and death kind of help, for over a year, to one of my father's sisters and her young children when she lost her husband prematurely in a accident. When you do an extraordinary amount for someone they often cannot absorb that goodness as a person and react negatively with their egos. And when close relatives are involved you have a choice of burning bridges, spreading anger or swallowing it and moving on. The beneficiary relative will often have a non-chalant attitude of "why are you getting so fussed up about such a small thing; after all don't you trust me".

Since that rather major experience when relatives come seeking help of {almost always} a loan I say take it as a gift so neither of us are thinking about loan repaid, not repaid, when will it be repaid etc.

My sincere advice to the OP - if you can afford it, clear out the dues, get your CIBIL score back on track and move on in life. We often have to swallow bitter pills of injustice in life. Curing the injustice is not the worth the aggravation or the ulcers. Don't screw your CIBIL score over a less than dependable uncle. One mistake has been committed by your father {I don't mean any disrespect to him} now dont compound it by another mistake of letting your CIBIL score remain red.