Cibil query

You may approach the bank and the bank will be ready for settlement for principle amount only. At the time of settlement/payment, you need to submit the DD for the agreed amount and collect the NOC from the Bank. The NOC should clearly say that the all dues against the said credit card have been settled and as of now the card reflects zero balance/amount due.

YOu may send the copy of said letter to CIBIL (MUmbai) and your records in CIBIL would be updated accordingly. BUT this would have impacted your cibil score as well.

While you settle the matter demand from bank :

-to clean your credit history from CIBIL and any other credit rating agency,and action of the bank shall remove all negetive impact on credit worthiness and eligibility to avail loan

-to remove your name from negative list, of master card (SATYAM an initiative of HDFC bank.)

-to supply you certified copy of your cibil report confirming as above, at their cost and consequences.

and obtain the confirmation from the bank.

As per RBI guidelines, banks have to supply CIBIL( credit rating) report against a fee which can not be more than Rs.50/. Hence you can obtain it against fee also.

1.While shifting the house it is your bounden duty to inform the bank about change of address,you didn't informed the bank hence they will proceed against you legally.

2.The cibil do not take action on your request since the bank is the member of cibil and  it would act according to the banks advice.

3.At this juncture it is quite better to approach the bank while explaining the reasons under which circumstances you failed to pay your dues and request for a settlement.

4.While the settlement is taking place observe the advice of Mr.Kumar doab to avoid further complications.

5.There are several judgements pronounced by the apex court in respect of credit card dues and banks recovery process, which ay be helpful in your case.

6.If you are from A.P. please contact Mr.P.Janardhan Reddy,practising advocate of A.P.High Court in 9985133699,who is dealing credit card cases in A.P.High Court. He may definitely guide you to come out of the problem.

Narender Reddy

amit arora is right

Hello All,

Thanks for the replies. Based on what response I received , I have some doubts:

1)  Will the Bank file a legal suit if I approach them for settlement ? If yes , then what to do ?  If not then how to proceed ?

2)  Will the settlement amount is based on logic or based on as agreed by both party and can range from principle amount - 80K ? Can't it be settled in principle amount only ?

3) Will I need to approach legally to dissolve the issue or it can be done without court issue ?

4) Shall I move alone in the bank for settlement or take lawyers ? 

5 ) How much generally is the expense of the lawyer be ? I want it at minimum amount done.

6) Is there any format for the mutual aggrement ? Is the mutual agreement has to be done in court stamp papers ? As in future if bank disagrees to consider any of my conditions ? 

7) Can anyone suggest me any good , honest and cheap lawyer or adviser to do it ? 

8) Is it possible to dissolve the matter in "banking ombudsman India under RBI"  or "Consumer Court" ? 

Learned experts/members have given detailed and illustratious reply to your query.

Banks usually agree for settlement on principle amount. It also depends upon how you negotiate. Until or unless you obtain specific written communication, bank shall send settlement as cause of closure of a/c to CIBIL and settlement has adverse affect on credit rating.

You can approach the bank yourself or with your lawyer. It is suggested that before you submit anything in writing, get it structured by elders in the family, competent and experienced well wishers, lawyer/law firm. Even if you do not submit a written communication for settlement the credit officer of the bank shall be more than happy to supply you a letter mentioning principle amount as final amount. You should pay the amount by a/c payee crossed cheque, payable at par, along with a covering letter, and obtain duly stamped and signed acknowledgment.

If you take the help of your lawyer, your lawyer can protect your interest, caution and protect you from legal traps, and draft the structured communications/ agreement etc, you want. In the long run retaining a lawyer is economical. You can fix up the fee with your laywer.

Hi

Last year i closed my PL with HDFC with complete payment. Though their were soem situation in my lifw where i lost my job during recession and i failed to pay some installements on time , but some how i managed and finally clsoed it last year. and thery did send an NOC through email aswell. and thery confrimed through email that thery updated in the cibil report aswell. But today when i applied for a tw wheeler loan of 40,000 rs my applied bank rejected based on my cibil report telling i had soem dues in HDFC. Where as i dont have any dues and HDFC is claiming thery updated it.  Now i requested a CIBIL report after paying 450 rs. I wating for this. I undestand its sole descrition of the bank whtehr to give loan or not. But i am afried , if in future i amy not be able to get loans or credit from any bank because of this. HDFC bank is not at all responding to my emails now .

What shuld i do to update my cibil report and get my credit staus from negtive to postive.? Any valuble advise woul be help ful

@shyam K

Since, bank is at fault that is why the concerned personnel are not responding to your emails.

You may forward on the same email trail a complaint to MD of the bank Aditya Puri HDFC Bank, Bank House, Lower Parel Mumbai (complete address is on the bank website also)

aditya.puri@hdfacbank.com

and

Narendra Dixit Head of customer services and CC operations

and submit a terse representation. Demand that the bank should fix responsibility on the concerned personnel and supply you the name, designation, department of the concerned personnel so that you can proceed against him in a court of law and bank should beg apology in writing and supply you a clean report from all credit rating agencies including :

·                  CIBIL – Credit Information Bureau (India) Limited (www.cibil.com)

·                  Experian - Experian Credit Information Company of India Private Limited (www.experian.in)

Equifax - Equifax Credit Information Services Private Limited (www.equifax.com)

Master Card negative list

without any cost to you and bank should confirm in writing by letter under original seal and signature by hand by redg/speed post, within next 7 days, that due to any report from the bank as per your credit history as on date eligibilty to avail shall not be negatively affected and bank should be responsible if it happens and top pay you compensation of Rs.................as deemed fit by you. You should narrate the expenses incurred by you e.g internet charges, traveling charges, printing charges, telephone call charges, visiting charges, parking charges, legal consultation charges, defamation etc.

You mau mention that if bank and its MD fails to supply the same you shall initiate criminal proceedings against the bank and its MD at there cost and consequences.

If you do not become tough with the banks you shall continue to suffer.

If you can not handle it your self you may handover the matter to your lawyer who shall do the needful.

As advised by Mr.Kumar it is appropriate to consult a lawyer to get solution in your case, the banks won't respond usually where they have committed a mistake.Further these matters will be dealt by outsourcing agencies engaged by the banks, they don't take responsibility of your problem.I would like to say that most of the credit card holders doesn't have the knowledge of consequences resulting in disputes with the banks.RBI issued many guide lines to banks about collection agencies ,and settlements etc but banks are totally ignored them and playing with the lives of innocent people.Unless somebody is going to file a PIL in Supreme court by narrating the vows of the sufferers and enlighten the card holders there wouldn't be an end to this problem. I will give  some of the guidelines issued by the Rbi shortly may be give an idea to most of the card holders and practising lawyers.

same problem happened with me atleast a year ago... but now i am able to get loan with many company...infact banks are eager to give me a loan due to my good credit score with cibil...
this all happened with the help of credit sudhaar team...
they solved my all problem and give me a new life...
you can too touch with them via www.creditsudhaar.com or 022-67886788