Final Sattlement for HDFC Credit Card

Waseem Pasha (Querist) 13 July 2015 This query is : Resolved
Hello sir .
My Name is Waseem as I want to make a settlement for my CC my outstanding amount is 68,000 but I'm not in a condition to pay the full amount and also I have resigned my Job however I spoke to collection agent regarding a settlement he says we can reduce it to 52,000 and we can offer you 6 months of EMI but I can't effort that because I have one personal loan of 5,643 of every month which is still pending for 13months in HDFC bank and my family is dependent on Me and also have to pay the rent of my home and the education fee of my sister. I'm financially not in a situation to pay 52,000 in 6 Months please help me what should I do.
Regards
Waseem
+919901911400

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Guest (Expert) 13 July 2015
Collection Agent is not the Right Person to Finalise the matters.Any amount you pay to him trusting his words would be only adjusted with interest.Better discuss with your Local Good Advocate and Settle it thro Court by taking time.If you had issued any post dated cheques do not forget to mention it in the Petitions and send a legal notice not to present the same other wise the bankers could put you in trouble.

Kumar Doab (Expert) 13 July 2015
I support the views of Mr.N.J.S.Rajkumar.

Moreover any settlement is an adverse entry and it shall spoil your credit score (CIBIL) and repelling for lenders in future.

Don't borrow if you can't pay.

You may go thru:

http://www.lawyersclubindia.com/experts/How-can-i-solve-my-written-off-status-to-closed-with-nil-dues-as-i-have-settled-my-education-loan-547126.asp

Rajendra K Goyal (Expert) 14 July 2015
You have borrowed and it is your duty to pay back. Not paying or paying after settlement would spoil your credit score for future borrowings.

If you want to settle, talk to the Bank, get the proposal in writing and abide by the offer of the Bank.

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