venkatesh 27 April 2019

Credit card settlement

Dear all, I have taken a credit card from SBI and used for two years. I have used only 36000/=, for which I have repaid more than a lakh rupees by every month at 4000 - 5000. In the month of Dec I asked for OTS over phone for Rs. 20K where as the Outstanding shows Rs.34K. They didn't agree for a settlement, since I am regular payer and not a defaulter. To do under one time settlement I have stopped paying and fallen under defaulter list now. But every month the amount is going on increasing by 30 to 40% which was not acceptable. So, I want settle my card at 25% only. that is also only interest and charges. But the bank is not accepting. Please help me and suggest me what to do in this matter and come out from it. G.Venkatesh

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G.L.N. Prasad (Retired employee.) 28 April 2019

Members can not guide without looking into the facts and convince your banker. Take into confidence a sincere advocate, preferably that deals with such credit card case, apply through consumer forum and get rid of the responsibility at the earliest in your own interest. Neither public nor law sympathizes a defaulter, irrespective of the reasons behind the default. You have secured such card after accepting and signing such rules and regulations and banks are more worried about mounting defaults. You can not raise any loan or can get any credit from any financial institution with such rating and you can not dictate terms with a Banker, who knows your financial position and knows the ways of recovering their amount by selling those loans to outside agencies. Believe me, it is a hell to face the outside agencies and you have to pay huge amounts to escape from their clutches and they make your life horrible.