Sbi arbitration notice received for credit card bill

raju Rohra (Querist) 12 November 2024 This query is : Resolved
Hi- I have received a notice from SBI for online hearing ,its a arbitration notice therefore please advise what should be my reply as i am currently out of job and want to negotiate the settlement at bare minimum

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If you've received an SBI arbitration notice regarding an outstanding credit card bill, it's advisable to try and negotiate a settlement with the bank. Even if you are currently out of a job, this arbitration session is an opportunity to discuss a minimum settlement amount. Failing to reach an amicable agreement could lead to legal complications.

T. Kalaiselvan, Advocate (Expert) 12 November 2024
If you have received a notice to amicably settle the outstanding amount you may better negotiate with the bank during the arbitration session, if not willing then face the legal consequences.

kavksatyanarayana (Expert) 12 November 2024
Yes. You try your best for an amicable settlement and pay the amount as settled. Otherwise, you will face legal complications.

Dr. J C Vashista (Expert) 14 November 2024
I fully agree with the advise of learned senior experts Mr. T Kalaiselvan and Mr. Kavksatyanaryana ji.
You should prefer amicable settlement and avail the opportunity for negotiation.
Recovery of outstanding loan amount is least concerned and irrelevant with your job.

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