I have settled Kotak Mahindra Bank credit card on April 2010 now after all this year they have come up with outstanding notice and sending me new settlement letter with following paragraph for which i need your suggestion. I have all the previous documents of settlement but still they were pushing me so i asked them to send me New settlement letter and following paragraph which i feel is not right but they are telling this is a standard format and this will be final settlement and it will reflect in cibil as well.
This settlement has been agreed on the basis of the special circumstances as set out in the first para. in the event of your financial condition improving at any time in future you shall forthwith notify the bank of the same an you shall become liable to pay the entire outstanding amounts at that point of time forthwith together with the interest and penal charges as applicable which shall continue to accrue in respect of your credit card
Kindly suggest whether i should accept such letter or deny and fight with old documents of settlement which i have.
in the event you had paid all money in terms of your earlier settlement then also you are in receipt of new settlment offer asking for certain money thereof, then in that event lodge consumer case and do not pay any furtherances.
My Father had paid and settled a cc from SBI almost 20 years back (exactly on 2005) now in 2020 the collection agency is torturing to pay the outstanding amount which according to them is 3.9 lacs (with interest accumulated). They are not ready to drop an email or share details of card statement but keep harrasing me, my father and my sister by calling 10 times everyday.
I want to know how I can stop them torturing us. Also as the cc is 20 years old how can anyone expect my parents to keep records. Even collection agency is not providing any record of payment not being settled.