Did you ask the CC Company to update new address in old CC?
Did the CC Company have your email id for old and new CC?
Has the CC Company been sending you emails for old and new CC?
Which mode was used by CC Company to supply its CC bills to you for old and new CC e.g. email, redg/speed post, courier of repute or it was just a normal post?
The point is if CC Company had your communication address why it did not supply the bills and communications by effective mode of communication e.g. email, redg/speed post, courier of repute????
Did the CC Company issue new CC without getting a CC issuance form being filled by you??
Did it state that your old CC is being upgraded to new CC?
If CC was upgraded the old CC amounts should have been added to new CC’s first bill.
It is felt that as per guidelines issued by regulators bill should be supplied 15 days before due date of payment, customer should be supplied with a notice before his name is added in the list of defaulters maintained with CIBIL, MCNF ( Master Card negative feedback international list), EXPERIAN, EQUIFAX, Bad customers list of the Bank……., certified copy of the CC issuance form/T&C/card member agreement should be supplied… etc
(Credit Card Operations of banks- RBI Guidelines (Nov 21, 05)
2. Interest rates and other charges
a. Card issuers should ensure that there is no delay in dispatching bills and the customer has sufficient number of days (at least one fortnight) for making payment before the interest starts getting charged. )
However these unscrupulous CC Companies have global experience to circumvent the rules, guidelines, law of the land even after having been penalized and punished by courts of law. They commit the same offense again and should be termed a habitual offender and punished for being a habitual offender.
The decisions of DCDRF, State Commission, and National Commission can be accessed at:
confonet.nic.in/
After all for a citizen of our country there are rules and laws for committing the same offence again e.g. amount of Challan for not wearing Helmet second/third… time
is a huge amount and probably fifth time the driving license is cancelled.
It shall be appropriate to discuss and understand that why these CC companies do not supply the bills by effective mode of communication e.g. redg/speed post, courier of repute……….It is as simple as that in case of a default on payment these companies levy charges to the tune of @3.75% per month= 45% per annum+ Late fee charges+ finance charges and the government gets service charge/GST on the amounts.
Which other business fetches a return of @3.75% per month= 45% per annum?????
There might be a clause in CC issuance form signed by you mentioning that in case of default the CC Company can sell you’re a/c to its ARC (Asset Reconstruction Company). This is what this JM Financial Service is…..
CC Company HSBC, if at all replies it shall ask you to approach this JM Financial Service who shall not release you from its grip till you pay the amounts it has added in your accounts it has added in your accounts and these amounts will continue to increase till you pay.
If you enter into a settlement then it shall still be adverse entry in your CIBIL record.
If you approach them to clean your credit history again an amount may be demanded from you.
It is their business. Si if you contemplate to go for a settlement you may obtain a written committeement from HSBC and JM that this settlement shall have no adverse bearing on your credit history and loan taking ability in f\uture. Let your lawyer draft the settlement agreement for you.
You are a loan taker and you may need to take loan in future too. This is your raw nerve and they shall continue to press you there.
You need to find loopholes and lapses at the end of this CC Company and transfer the onus on them.
You shall need to build evidence in your favor and the counsel of a smart and competent lawyer specializing in consumer matters, CC matters to get out clean from this mess.
