CREDIT CARD SETTLEMENT
Querist :
Anonymous
(Querist) 30 October 2010
This query is : Resolved
I had a credit acrd issued in 2007, since then in a span of 1 year I had used around 98000/- rs. I have been regularly paying minimum amount due. I have paid around 134000/- till date. I am willing to settle the card , but still the outstanding is 81000/-
ON GTG THE EXPERT OPINION , I HAD SETTLEMENT OPTION OF 20000/- YESTERDAY AT 7.28PM AND ASKED TO SETTLE THE CARD TODAY I.E 30/10/2010. I HAVE REPLIED THAT SINCE I AM NOT IN TOWN AND AT SUCH A SHORT NOTICE I CANNOT PAY , PL GIVE ME 72 HRS AND TWO INSTALLMENTS...? PL ADVICE ... HOW SHOULD I GO ABOUT THE SAME?
THE EXPERT ADVICE WAS ALSO THAT IF THE BANK DOESNT AGREE , I CAN FILE A WROITTEN COMPLAINT WITH RBI WITH ALL DOC.. PL ADVISE...
Devajyoti Barman
(Expert) 30 October 2010
The settlement s always the exclusive domain of the parties concerned. If either of the parties does not agree then no body could exercise any legal option to force one to settle amicably.
So, the option left to you is to negotiate again with the Bank for reaching a compromising position. If not then you have either to comply the demand of the Bank or to be ready to force legal consequences. Given the wide spread default of the customers, the Banks do settle in as low as 25% of the claimed amount.
DEFENSE ADVOCATE.-firmaction@g
(Expert) 05 November 2010
It depends on your holding power in negotiations , they will settle for any thing since legal cases are most expansive for them.
But in the process they will use all the methods to terrorize you , it is upto you how far you can resist and remain firm for your terms.
Pl note that though this is legal site , but no law involved since due to compounding of interest they have collected enough already.
And if you can afford file a private criminal complaint of extortion against all the concerned persons .
