Personal Loan issue

[sam_sajith]

What are the legal actions to be taken against the personal loan non repayments ?
Loan amount is 500,000 and more than 180,000 been settled to-date,

The bank has increased the PA interest to a sky high level and the instalment has increased drastically. I have requested rescheduled plan yet they have failed to give me. The interest rate they charge me now is 19.50% PA which is not affordable at all

Expecting some assistance from someone who has gone through the same

 

[Sanuka87]

What is the bank or the financial company? 19.5 is damn too high!

 

[sam_sajith]

It's NTB

It's ntb

 

[sam_sajith]

It's NTB

What is the bank or the financial company? 19.5 is damn too high!

it's NTB

 

[Rahula Kasun]

උඩට

 

[sam_sajith]

Bump

Bump

 

[praskruz]

What are the legal actions to be taken against the personal loan non repayments ?
Loan amount is 500,000 and more than 180,000 been settled to-date,

The bank has increased the PA interest to a sky high level and the instalment has increased drastically. I have requested rescheduled plan yet they have failed to give me. The interest rate they charge me now is 19.50% PA which is not affordable at all

Expecting some assistance from someone who has gone through the same

eventhough you payed 180000, they recover the interest first. so your actual loan amount is still there. you can take a loan repayment loan from another bank with lower interest( i saw DFCC offering at 13% with interest rate fixed for 3 years). but NTB may charge a early settlement fine.

 

[sam_sajith]

Thanks

eventhough you payed 180000, they recover the interest first. so your actual loan amount is still there. you can take a loan repayment loan from another bank with lower interest( i saw DFCC offering at 13% with interest rate fixed for 3 years). but NTB may charge a early settlement fine.

But I don't want go for another loan , I said bank in an email that I'm not in a position of replaying the loan at 19 or I need a repayment plan at current rate or I can prove my financial situation which can't absorb 19.25 . The bank has played an extreme cleaver game, any idea what would be the legal shelter i could expect

 

[ReNamed]

But I don't want go for another loan , I said bank in an email that I'm not in a position of replaying the loan at 19 or I need a repayment plan at current rate or I can prove my financial situation which can't absorb 19.25 . The bank has played an extreme cleaver game, any idea what would be the legal shelter i could expect

You do, Contact them and they will pay your loan and you can repay them with much lower interest rate

 

[sam_sajith]

Thanks

Thanks yet what will happened to what I have paid as far ?

 

[ReNamed]

Thanks yet what will happened to what I have paid as far ?

it's not going to just disappear, "Repayment Loan" will pay the rest of loan you took from NTB. And then you can settle it slowly

 

[sam_sajith]

Thanks

it's not going to just disappear, "Repayment Loan" will pay the rest of loan you took from NTB. And then you can settle it slowly

Thanks

 

[mamanamperi]

Did you get the loan on floting interest? If not bank can not increase.
Anyway NTB is one of the worst bank..

 

[jimzum]

Even I got caught to the same NTB trap. They target amex customers and tell them you have a pre approved loan with a special interest rate. But it's a floating rate. So after first 6 months they increase it to the maximum. NTB is a cheap 3rd class bank

 

[kalana wasala]

BUMP​

 

[lasithh]

NTB ekn loan ganda pissuda ubata

 

[netsurfer]

eventhough you payed 180000, they recover the interest first. so your actual loan amount is still there. you can take a loan repayment loan from another bank with lower interest( i saw DFCC offering at 13% with interest rate fixed for 3 years). but NTB may charge a early settlement fine.

Yes, I think it is about 4% of remaining capital and it seems to be still good for you.

 

[shiran987]

Check whether your loan is taken on Floating INterest rates ? If yes, the bank can increase the interest rates . If you have taken a loan on fixed interest rates, the rates "cannot be increased ". this is the point which you need to touch & understand first.


If you are on floating rates, there is nothing much you can demand other than talking to them nicely and coming to an solution. As one of the member has suggested, you can obtain a lower rate loan from a different provider and settle this current outstanding. Atleast, on this point try to get the loan at a "Fixed Rate".


Knowing the current economy situation of the country, it is not recommended to obtain loans at floating rates as the tendency is that rates will go up.



Cheers. !!!

 

[sam_sajith]

Yes it is

Even I got caught to the same NTB trap. They target amex customers and tell them you have a pre approved loan with a special interest rate. But it's a floating rate. So after first 6 months they increase it to the maximum. NTB is a cheap 3rd class bank

They are the worst , I think this is how JHK robs people

 

[sam_sajith]

NTB ekn loan ganda pissuda ubata

True Machan
At that time I never had any alternatives. But now I'm having the consequences