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rahul bhise   13 May 2019

How should i approch the credit card settelment

I am using a credit card since 10 years. was abel to maintain it till last 2 years.

but now i am unable to pay the minimum dues. not paid minimum due since last 3 months. the amount is 2,25,000/-

what i want is to pay it full and final. and want some time. maybe 2 months or less. what should i do in the settelment so that the total amount gets somewhat reduced.


 8 Replies

Jaspal singh (practicing lawyer)     13 May 2019

which bank of credit card your are using ?,every bank has his own procedure however you can easily get the settlement from every Bank because C.Card is the most profitable buisness of Area fof banks. Rest need to various things related to the card therafter only i can suggest you well.


Jaspal S Maini (Adv)


1 Like

G.L.N. Prasad (Retired employee.)     14 May 2019

You can also file a request stating such circumstances and inform your preparedness to state it in writing with such post dated cheques.  Though this may not help, it shows your preparedness and sincerity in settling the account before such forums, in case the case reaches forum.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     14 May 2019

You can also approach banking ombudsmen if you grievance is not cleared by bank officials.

1 Like

G.L.N. Prasad (Retired employee.)     14 May 2019

First of all the grievance has not started.  Bank has to make their own inquiries before accepting the offer.  Finally not even 1% of any Ombudsman cases were solved in favour of public with such compensation.  There is a weakness in credit card holder as there is default in payment.  Defaulters in credit card rarely get sympathy irrespective of their genuine personal problems.  The smartness in convincing the bank is the only solution.

1 Like

rahul bhise   14 May 2019

Today i went to the credit card office. and told them i am unable to pay the dues. I said please negociat the amount and the time for the whole payment. can you reduce the amount to 1,25,000/-. They said NO. there is no such type of process. And what you are saying cannot be done, you have to pay the whole amount, and that is today.

So what should i do should i wait till they launch a complaint in lok adalat. and then negociat the amount there.

G.L.N. Prasad (Retired employee.)     14 May 2019

Reduce the happenings in the form of written communication informing the name of such official, send original to him and mark a copy to his superior.  Open an account in the name of your wife in the same bank and start depositing that amount in her name.  Do not withdraw it.  All this helps you if they conduct a recovery month and extend such waiver of interest or penal interest or charge nominal interest linked to bank rate.

1 Like

rahul bhise   15 May 2019

Yesterday evening they called me again and said, What you are asking for is called settelment process. And very little amount will be redused. But Your CIBIL score will get very much damaged, and you will never get loan from any bank ever. Also your children will have problems in getting loan.

Are they speaking true.

G.L.N. Prasad (Retired employee.)     16 May 2019

Partially true.  You can never raise any finance for any activity if your CIBIL score is poor, and this amount you owed to Bank is very very nominal if you compare with such opportunities for a housing loan etc.

About children, their statement is a mere threat and can never be true.

1 Like

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