Bank harassment


Sir, I had a credit card during 2004 and I remember paying Rs.1200 of the pending payment during 2004 through the collection people. I asked the procedure to close the card and was told to cut the card into pieces and post it to their branch. I did the same. Now in 2017 I get call from their collection dept stating that I have not closed the card and as a result the interests have been accumulated amounting to 52K..!! After speaking to them at length, they came down to 36K. I have the last paid receipt of Rs.1200 with me. What am I supposed to do? Please help....
 
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FIN

Hope you shall take it positively.

If you had paid last bill then why did you admit outstanding payment and negotiate?

Why the collection agents came to collect payment many years back, while you could pay in O/o CC company?

 
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FIN

The receipt if genuine should suffice.

 

 

In future pay direct to company and obtain proper receipt under seal and signature.

And obtain written confirmation of closure of CC and a/c with last bill, payment showing NO balance and NOC/NDC.

Next time ask the recovery agents to send written communication on letterhead of the CC Company under original seal and signature by hand by Redg. Post along with all bills and payment receipts.

Record all calls.

 
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Sir, appreciate your response.

Sir, now they say that the card was not closed properly and that is the reason as to why the interests have been accumulated from 2004 till date. I really dont see the logic. Infact, as per the bank rep's direction, during that time, we cut the card into pieces and dipatched it to the head office so as to close the card. Later on we did get couple of calls and we narrated what we did and they kept mum and stopped troubling us.. Now, its these franchisee guys who are creating this issue, and out of no where they want me to cough up 36K and are finally ready for a negotiated amount for which they want me to open up wrt the final one. Sir, my plight is I  am not salaried and i need to earn through freelancing. What would be the best price which I can suggest them so as to close it for ever. Atleast through your advise, I can strive for the same i settling it off...

 

 
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FIN

Originally posted by : Possible
Sir, appreciate your response.

Sir, now they say that the card was not closed properly and that is the reason as to why the interests have been accumulated from 2004 till date. I really dont see the logic. Infact, as per the bank rep's direction, during that time, we cut the card into pieces and dipatched it to the head office so as to close the card. Later on we did get couple of calls and we narrated what we did and they kept mum and stopped troubling us.. Now, its these franchisee guys who are creating this issue, and out of no where they want me to cough up 36K and are finally ready for a negotiated amount for which they want me to open up wrt the final one. Sir, my plight is I  am not salaried and i need to earn through freelancing. What would be the best price which I can suggest them so as to close it for ever. Atleast through your advise, I can strive for the same i settling it off...

 

 

If you made the last card usage payment in full and canceled/cosed the card per procedure and CC company also did verification by phone calls then why should you negotiate and pay anymore.

 

You have not replied to all points in previous posts.

 
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If you have closed the Account and CC with right and legal procedure of Closing then why should you pay for further charges. Just call the respective bank and ask them that you will not be paying any charges even a single rupee after closing of account in final settlement. As you have Some proof also. Go ahead and if they ask for negotiation or something tell them that when you have called the Bank they have told you about the procedure of closing, you yourself didn't proceed with your opinion. By the way its a learning for you that from next time, Always proceed each and every formality of bank in written as oral dosent have much backing for evidences. So go ahead.
 
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