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PRIYESH (PARTNER)     30 October 2010

Credit card settlement

I had raised a query for credit card settlement with O/S of around 80000/- with principal usage of 95000/- and payment made till date was 135000/-.

 The card was issued in 2007.

 The experts ahd asked to negotiate with the bank or else file a complaint with RBI.

i HAD ASKED FOR THE BANKING OBDUSMAN DETAILS WITH THE SENIOR MANAGEMENT , THEY HAVE SENT ME A MAIL YESTERDAY TO PAY UP 20000/-AS SETLLEMENT AMOUNT  BUT THE SAME HAS TO BE PAID TODAY I.E 30/10/2010 WITHA  SHORT NOTICE. tHE MAIL WAS RECEIVED YESTERDAY IN MY INBOX AT 7.30 PM WHICH IS SEEN BY ME NOW AT 11AM.

I have replied stating that the time limit is too short , need to give me minimum 72 hours time and I can make the same in 2 installments.Can I get any guidance on the same...................

 

 Would it be appropriate to go for settlement or should I go for a compalint with RBI?

 PL ADVISE...

 Thanking you all in advance!



Learning

 4 Replies

Kumar Doab (FIN)     04 November 2010

Your name may continue to feature in CIBIL, SATYAM and another credit rating agency approved by RBI recently after option of settlement.

The company has the option to  record in CIBIL and other credit rating agencies even if your name is withdrawn:

settlement/court case etc.

This shall reflect negative  on your credibility.

You may escalate your complaint to the principle officer of the bank i.e MD and company Secretary in writing stating facts and lodge your protest for unfair trade practices, malpractices, willful default in service,and collection of amount more than principle and extorbitant charges......and claim refund of amount more than principle amount

You may not write like you can pay in 2 installments.

Obtain legal help.Your local lawyer shall be able to help you to come out of situation gracefully and claim your hard earned money.

Be careful and do not fall into the trap of  debt in future.

1 Like

RAKESH PIPRODIA (ADVOCATE)     12 July 2011

Dear Priyesh dont make any payment or settlement. Your matter is of the year 2007 and is barred by the LAW OF LIMITATIONS. So dont make any payment and if in case they harasses you, file a complaint in consumer court against them. Tell them to take a legal way, they cant do anything.

2 Like

Kumar Doab (FIN)     12 July 2011

Dear Mr. Rakesh

Kindly clarify:

The email sent by Priyesh on 30/10/2010 shall amount to acknowledgment of the debt or not?

If yes the debt shall continue to remain time barred, or not?.

1 Like

PRIYESH (PARTNER)     12 July 2011

Thanks to all who have assisted in the said querY!


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