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Sukhendu Jana (Service)     26 October 2016

Information required related to 'written off' status in cibi

Hello,

I have a general quiry about the 'written off' status of personal loan account. I have a personal loan account from Standard Chattered Bank.
The last date of EMI was 15/02/2015. But, unfortuantly I was unable to pay total outstanding within due date. I have cleared all the dues including missed EMI, bounce charge, interest, etc month by month partially and last date of payment was 8/07/2016. They have issued a 'No Due Certificate' on 18/07/2016. 
Later I have checked my CIBIL in september and noticed that 'Written Off' status. They are reported abount the repayment like this ...
Feb-60
March-60
April-90
May-120
June-00
The have close my account on 15/06/2016 and report to CIBIL about 'Written off"
 
So they have close my account within maximum 150 days and report to CIBIL as written off.
 
I think they have violated the standard protocol of written off status (more than 180 days). 
Am I right? Please Help Me. 


Learning

 5 Replies

Sachin (N.A)     26 October 2016

Written Off: When you are not able to make payments against the outstanding loan/credit card amount for more than 180 days, the lender is required to "write-off" the amount in question.

1 Like

Sachin (N.A)     26 October 2016

I think they have also considered the previous late payments as you have mentioned

They are reported abount the repayment like this ...
Feb-60
March-60
April-90
May-120
June-00

 

Better you clear the matter to avoid future complications like taking loans or credit cards etc 

I think when June-00 then it should show the status as closed not write off

Kumar Doab (FIN)     26 October 2016

You have posted that:

"I have cleared all the dues including missed EMI, bounce charge, interest, etc month by month partially and last date of payment was 8/07/2016. They have issued a 'No Due Certificate' on 18/07/2016."

 

Written Off is adverse entry.

Ask the lender to remove such entry and supply you clean credit report. 

As per RBI guidelines the lender should supply credit report, at nominal charge say Rs.50/.

You should succeed.

 

1 Like

Sukhendu Jana (Service)     27 October 2016

Dear Kumar Doab,

Thank you very much for your information, which increased my confidance . I have contacted the lender, they informed me that they will updated it within 7 working days. But, my quiry is that, why they are decleared as 'written off' within 150 days. As per their report, 

Feb-60
March-60
April-90
May-120
June-00. 
If I not pay the outstanding within 15th July, then they have the right to declear as 'written off". For this case, the report should be like this ....
Feb-60
March-60
April-90
May-120
June-150
July-180
Aug- Written Off
But, within 150days they have declear as 'written off'. I think they have violated the standard banking service. 
Am I right? 

Kumar Doab (FIN)     27 October 2016

You have posted that:

"I have cleared all the dues including missed EMI, bounce charge, interest, etc month by month partially and last date of payment was 8/07/2016. They have issued a 'No Due Certificate' on 18/07/2016."

 

Before issuing NOC the lender must have supplied the final bill/loan account statement for payment.

Ask the lender to remove such entry and supply you clean credit report. 


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