Citi bank credit card
francis
(Querist) 15 October 2011
This query is : Resolved
03 May 2010, the outstanding on your card stands at Rs.38012.37.
We also wish to inform you about the legal status: The bank has chosen to initiate civil/ criminal action for the lawful recovery of the outstanding amount on your card account.The bank shall hold you liable for all costs as well as interest incurred in this regard.we shall be constrained to initiate Criminal prosecution and Civil action(s)
against you. This is without prejudice to any other rights available to us under the Settlement Agreement and / or applicable laws.
what can be done i am poor i cannot afford to pay i have only used 7000/-and they are demanding Rs.38012.37.
they even sent recovery people to my house and threaten to pick up my furniture tv fridge and so......
please guide me and advice me please
Shonee Kapoor
(Expert) 15 October 2011
The said amount would have grown by interest and all.
Go and sit with the bank manager and sort this out. Close your card and transfer all liabilities to a personal loan (with lower interest rate) and start paying EMI.
Imprudent usage of credit cards is a debt trap.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Raj Kumar Makkad
(Expert) 15 October 2011
Repeated query which has already been replied. There is no use to post similar query as many as times as you can because active experts are fewer who identify already raised queries and thus it becomes a futtile exercise on the part of querists.
prabhakar singh
(Expert) 16 October 2011
Mr. francis !
repeating like rhymes would not help you.only action on advises can help you.They can not legally use goons.credits card use requires a very diligent as well as intelligent decisions on the part of consumers but unfortunately in india it is being used as more of a fashion than of a need that is why this type of scenarios are emerging.Get in touch with BM and short out the problem and settle it as early as possible otherwise a civil recovery suit against you can be filed subject to law of limitation being 03 ears from the date of last use of the card.Are you aware interest rate charges on these cards are very hefty
like desi sahukars.Be also aware that these cards are main reason of American economy bust, from where these card concepts have evolved believing money must move fast and a man must expend today what he will earn three years down the road.It is coccus of industrial houses to create demand of their product,they caused even fool proof real state ventures failed.
Devajyoti Barman
(Expert) 20 October 2011
Repeated query should be discouraged all the time.
