Criminal Trident Pack: IPC, CrPC and IEA by Sr. Adv. G.S Shukla and Adv. Raghav Arora
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Parmanand Vasava   07 July 2017

Credit card settlement

i have sbi credit is blocked due to non payment of 2 months.
i was offererd to do settlement.
i want to know whether to do settlement or is it possible to pay it by EMI without settled status in cibil record.


 15 Replies

Salman Shaikh   07 July 2017

Kindly approach SBI and and ask them the best option to settle it off without affecting the scores in CIBIL record.

Parmanand Vasava   07 July 2017

Dear Sir,

I approached to bank but bank has given me settlement letter either EMI.
My card was blocked without my knowledge and declared as NPA.
Do I have any right to take any action.

Salman Shaikh   07 July 2017

You have the Right to claim only if you prove that no Correspondence or reminder was made to you regarding the default payment for the Credit Card. Generally before blocking the Card the bank should give you prior intimation stating the reason for the same.

Parmanand Vasava   07 July 2017

Dear Sir,

is that possible that bank may give 24 EMI time.

Salman Shaikh   07 July 2017

The discretion in this would be of SBI solely as they are the lender. However aggrieved you may approach to Court if aggrieved by the decision of SBI. Also it is requested to you that kindly narrate your ability and potential of your repayment before they conclude their options for you to repay the settlment amount.

Kumar Doab (FIN)     07 July 2017

Settlement is adverse entry.

1 Like

Salman Shaikh   07 July 2017

Agreed to Mr. Kumar Doab !

Kumar Doab (FIN)     07 July 2017

Thanks for agreeing Mr. Salmaan Shaikh.

1 Like

Parmanand Vasava   09 July 2017

Dear Sirs,

I have four credit cards and all are blocked due to unavailability of job and family crisis.
I have informed to bank also.
Is there any possibility that all four credit card holder do some favour for me.
Now I have started new job also.
50% of the amount is paid.
but remainin amount pending as below.

SBI - 48000
AXIS - 65000
CANARA - 30000
KOTAK - 16000

I HAVE 25000 MONTHLY salary.

Please suggest how to talk to bank to start new EMI rather than asking for settlement amount.

SBI card person have agreed to start EMI of 4400/Month.

How to manage others or on what amount a bank can agree ?

Kumar Doab (FIN)     09 July 2017

Same way manage with other CC comapnies.

The lender itself or with intervention of watchdog/regulator e.g; IBA/BCSBI/RBI, may agree on facts informed by you.


Kumar Doab (FIN)     09 July 2017

GO thru guideliens issued by RBI;

Master Circular on CC operations of each year of your CC operation and also carefully guidelines on collection/recovery.

Kumar Doab (FIN)     09 July 2017

The CC company can not escape by blaming its system for anything that is not in line with applicable guidelines of RBI that have statutory force,enactments, precedences set by courts of law in Republic of India.

The CC company has to fall in line and operate with or without so called;System.

Parmanand Vasava   09 July 2017

Can I call them to Lok Adalat.
Can I represent my case in lok adalat for repayment
Is it possible to restructre the total outstanding into EMIs with a ceiling amount.
I mean to say if I offer to pay below amount per month to each CC COMPANY.will they accept.??


SBI 48000 4400

AXIS 68000 5500

CANARA 30000 3500

KOTAK 18000 1500

Parmanand Vasava   09 July 2017

I am earning 25000/month

Now i am able to repay my debt.

but if all credit card companies ask more money in a same time it might be impossible for me to repay.

Do I have any rights ?
Is it possible that when they call me and ask for money at that time I can resist.

Can i tell them to come and restructure the amount.

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