Credit card

The courts may ask to pay the principle amount i.e. actual amounts for which card have been swiped.

The option of settlement with bank may be perused with CC Company. The company shall be more than willing to obtain as much as possible.

Negotiate hard. If you feel that you can't involve some well wishers who can and you may include a lawyer.

However obtain a letter on its letterhead under original seal and signature of competent employee by redg post from bank and a copy from official email id of the bank stating  that bank shall delete your name from bad customers list maintained by bank, list of defaulters from CIBIL, Equifax, Experian and any other credit rating agency, all collection/recovery agencies and MCNF, and that bank shall not update the amounts waived off as "written off'' and shall clean your credit history and this settlement shall not disable your eligibility for availing loan from any lender in future.

Ask the bank to state in writing that its hall supply the original copy of CIBIL report post settlement without any cost to you by redg psot.

Try to settle the matter with the bank at minimum amount,generally bank does not prefer a suit for recovery from credit card matters.Lokadalat have try and entertain the matter where both the parties would agree otherwise the lokadalat have no mandatory power.If you failed to settle the matter then you can file a suit for declaration and injunction in a civil court where the credit card was issued.

I am sorry. I am unable to agree with the above views. Court has  no power to direct the bank to accept principal amount only instead of suit claim amount as it amounts to asking parties to enter into a fresh or new contract. If bank decides to file suit it will file for entire amount of 1,50,000/- and you may  get concession only in respect of interest accrued after filing suit. Court may award interest on suit claim amount @ 9% at the most instead of contractual rate. Banks have filed thousands of suits against credit card defaulters and executed decrees also. I think the propsal of the bank for Rs.75,000/- appears to be a good and reasonable. However based on this proposal of the bank, you may approach Lok Adalat and seek its help of for negotiating for further better propsal instead of Rs.75,000/- and also for fixing  payment in installments if a proposal of your's is acceptable to the bank.