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Prasad (SSE)     07 September 2010

Credit card Settlement

Dear Sir/Madam

The HSBC agents offered me a credit card in 2005 by regularly calling me, I have received and used the card for some transactions. I have not received any statements and only I received calls from HSBC about my payments. I have requested them to send to my personal email. I have paid amounts upto 4000. I have not received any statements on email. I lost the card in aug 2005 and reported the loss by phone to the bank.

I have changed my company and also went abroad for sometime. I have not updated any address or phone details. Now after 5 years HSBC calls me and aksing me to pay 1.5 lakh outstanding. The reason they say is I have made transactions upto 11000 and paid only 4000. So the remaining 7000 and some late payment charges and with interest for these 5 years add upto to 1.5 lakh.  They are saying I can pay 1 lakh and they will close the account.

Whats is the best approach I have? I cannot settle that much huge amounts, I can only settle any actual transactions which were missed.

I have approached lawyers but the lawyers ask me to file a law suit againist the company. Please advice me what would be the best approach to take, ALso are ther Debt settlement negotiator availeble in Bangalore.







 4 Replies

Devajyoti Barman (Advocate)     07 September 2010

The best approach would be to deny makng any payment. The bank would come time later agree on your admitted sum.

Prasad (SSE)     07 September 2010

Dear DevaJyoti

Thanks much for your time and reply.

What is best approach now that

I take a defensive/preventive action so that The bank cannot file any legal action againist me,

If the bank sends me any legal notice what are the options I do have.


Prasad (SSE)     08 September 2010

Hi All,

I get from some lawyer that the company has to recover anything within the period of 3 years.

Over 3 years the bank cannot make any legal claim.

Also for the updating of address/phone even if the customer do not update  it is the bank which has to get the details and recover any debts within the period of 3 years.

Is that true.

Can someone please throw some light and educate us little on this.


Prasad (SSE)     09 September 2010

Please post your replies


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