Mahesh Tomar 27 September 2020

credit card default

I have SBI credit card dues of rs 270000. I have not used it since last one year. but this amount has more interest or charges imposed by SBI card. how can I know that they are charging fair interest?? I have got an Invitation for conciliation through the lawyer. how can I settle it? is there any legal remedy available for the customer. I want to pay but this is too much.

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4 Replies

Dr J C Vashista (Advocate) 27 September 2020

Is it not repetition of the question posted at https://www.lawyersclubindia.com/experts/sbi-card-default-722641.asp ???

G.L.N. Prasad (Retired employee.) 27 September 2020

File RTI Application to that authority which has stated to you about the compromise to send copies of your credit card Application cum agreement and statement of account and you can contact a local advocate, show him the documents executed by you for such grounds. (In PSU banks that can never happen as the interest is uniform and includes in the software package depending on the prevailing interest rates as stated in the application)

Adv Vinay Mathur + 8447131770 (Advocate) 27 September 2020

you go and negotiate with bank, try negotiate as hard as possible

P. Venu (Advocate) 27 September 2020

You may try to settle the issue through negotiations. The Bank would be willing to settle for lesser rate of interest. It is not necessary that you should engage an advocate.