Credit card arbitration notice received

sr_v@user (Querist) 19 March 2024 This query is : Resolved
I've received through E-mail, Intitation for conciliation u/s 62. of the arbitraion and conciliation act for credit card outstanding from SBI and currently have no money to pay for and even do not want to attend and online meeting. Kindly suggest on how do i send reply on the same.

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If you've received a credit card arbitration notice from SBI due to outstanding dues and are facing financial difficulties, it's important to address it. While you may wish to avoid arbitration, ignoring the process can lead to legal consequences. Consider approaching the bank directly to negotiate a one-time settlement or repayment plan. Seeking professional advice can help you navigate this situation effectively.

T. Kalaiselvan, Advocate (Expert) 19 March 2024
If you do not want to attend the arbitration hearing neither willing to repay the loan amount then you may face the law in this regard, what is yor query, are you seeking ideas to avoid making the repayment

sr_v@user (Querist) 19 March 2024
i do not want to avoid making payment... i want to make settlement to the minimum but do not want to get into any arbitration process since arbitrators are hired by banks/nbfc's and they will give award in their favour. I am currently financially unstable and out of any job

T. Kalaiselvan, Advocate (Expert) 19 March 2024
You cannot skip the procedures of law to your whims.
If you want to avoid arbitration proceedings then approach the bank manager in person and negotiate the issue and make one time settlement.
What is that you are expecting, please be clear in your question

sr_v@user (Querist) 19 March 2024
Thank you so much Sir for your valuable reply and suggestions !

T. Kalaiselvan, Advocate (Expert) 19 March 2024
You are welcome for your appreciations.

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