Dear sir/madam,
I had taken a credit card(Limited Rs10,000) from one of the private bank in the year 2006. And had made some payments and after 2 years, could not able to repay due to some reasons as amount gone to 20k(2008).
Due to illness(affected with long-term decease), did not go to work regularly, and this led me huge due with the bank.
The card expired in the year 2011. Then the bank people came up for the settlement(Rs52000), but could not able to make settle the amount too.
Later, I used to get calls from recovery agencies very often and i ignored all these years. Now recently i'm better at my side(health), continually going to office, earning.
Now i want to resolve this issue. Please guide me.
Write such a letter by Regd post to the Bank and negotiate.
If your card is not sold to outside recovery agents they may come forward,
if it is sold, nothing you can do and have to pay the demanded amount after such negotiations.
Almost the complaints of default credit holders are one and the same and credit card purchases are not treated as borrowings for a productive activity.
