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I had taken a personal unsecured loan from citifinancial in 2008 for an amount of 76000 in the year 2008 for a tenure of 36 months . i have correctly paid 18 to 20 installments without a single delay or cheque bounce . after that due to financial loss i couldn't afford to pay the loan and went to the citifinancial office and offered them to close the account with one time payment . the then concerned person there asked for partial mount of money which i paid in cash and he said that he has written off the loan . after that i have not recived a single call or notice from the bank or office for a period of 10 years now . and all of a sudden two days back in 2019 some person from kotak mahindra bank is saying that i owe them 55000 loan as outstanding and asking me to repay the loan , what do i need to do now ? i dont stay in the city that i took loan from nor do i have a business now . what should i do ? what are the repurcussions ?
Important thing to note is i dont have any documents related to this loan with me
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Sucheta Dalal Trustee - Moneylife Foundation

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Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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