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Shravan (software engineer)     28 June 2013

Shaha finlease pvt ltd - credit card settlement

Hello, I'm planning to settle my Standard Chartered Credit Card with Shaha Finlease company with the below conditions. Please advice me if i'm doing anything wrong / should i take any other precautions.


Will take the DD on Shaha Finlease Private Limited name and keep it ready. you need to send your executive with No Dues Certificate. will collect the No Dues Certificate from your executive and verify its authenticity on finding it as genuine letter will either handover the DD to your executive or I can deposit in a Bank.




 14 Replies

Advocate Rohit (Advocate)     28 June 2013

what about cibil report????

it is must to check whether the company had send any negative report to cibil or not??? if yes, then ask them to send favourable report of yours so that your rating could be revised from negative. cibil is a credit rating agency in india which monitors your credit history with the bank and financial institutions.



Advocate Rohit Dalmia



Shravan (software engineer)     28 June 2013

Hello Dalmia, thanks a lot for the very quick response.

since I'm paying the settled amount they are committing that they will update CIBIL in 45 days with written - off (settled for 26000/-). but they will not clear it from the CIBIL completely.

Can you please advice what documents /letter should i get from them on paying the settlement amount?

They have send me the settlement offer (scanned copy) by email.





Pl. obtain No dues letter from them also or proper receipt of the DD BE OBTAINED.

Saurab Dey (Partner)     08 July 2013


I personally feel there is no point settling the Amount at 26000 INR. You have to get the entire thing removed from CIBIL. Work out on a term plan with them for removing it completely cos if it is not removed, Banks arent going to provide you loans or Credit cards at all.

Kumar Doab (FIN)     31 July 2013

You have posted that:

"they will update CIBIL in 45 days with written - off (settled for 26000/-)"

You are entering into settlement which is adverse entry.

The status shall be updated as"Written Off', which is also adverse entry, and repelling for lenders.

In future if you approach the bank/ARC it can demand adittional amounts to remove your name from list of defaulters.

If you want clean credit history, act now.

muthukumar guruswamy (Asst. Manager)     18 October 2013


I have a credit card with SCB since 2001 and i have o/s below 5000 now in my cibil score that card shows the overdrawn credit as 635000/-  and it was enrolled thru SHAHA FIN. In my cibil report the particular credit card current position as Writeen Off by Rs26000/- by SCB. But the SHAHA FIN was registered my credit card was overdrawn by 635000/-. It is wrong one and how the CIBIL can update this type of fraudlent activities of SHAHA. How i can resolve my credit score in CIBIL even though the credit card was written off one. Kindly make a suitable advise please.

guru muthukumar

Kumar Doab (FIN)     18 October 2013


It is felt from various threads that M/s Standard Chartered Bank which is a foreign bank operating In India and its agent M/s Shaha Finlease has strange relationship and their activities are beyond the level of understanding in




There are many threads on this bank and this agent.



If the bank M/s Standard Chartered Bank had an outstanding amount to be collected from you and if it has written off the amount then the matter ends.


How come a written off account is taken over by ARC/Recovery Agency.


If bank has sold the bad debt to ARC/Recovery agency then has it informed you in writing with copy of latest charge statement?


Has this agent M/s Shaha Finlease ever written to you for payments?


It is felt that the matter is hopelessly time barred for the bank.


The Regulator RBI has issued guidelines on CC operations and these are exercised on banks by RBI, Watchdog BCSBI, IBA. 

These guidelines are not discretionary on the banks.

Guidelines issued by RBI are mandatory having statutory force.


RBI has issued many guidelines on CC operations and so has been issued by IBA, BCSBI……………


Code of Bank s Commitments to Customers issued by Banking Codes and Standards Board of India and as adopted by the bank also a Guidance Note in December 2006


Then there is Bankers' Fair Practice Code.          


You can of course complain to a forum of your choice.


However it shall be appropriate to approach a competent and experienced lawyer specializing in consumer matters with copies of all records and proceed under expert advise of your lawyer.



CC complaint can also be mad to;



Smt. Uma Subramaniam
Chief General Manager -in-Charge
Department of Non-Banking Supervision
Central Office
Centre I, World Trade Centre, Cuffe Parade
Mumbai-400 005.

Phone: 022-22153350

Email id:


Reserve Bank of India
Central Office Building
18th Floor, Shahid Bhagat Singh Road
Mumbai-400 001.





You may find the following threads useful:




Attached File : 144484369 60mcp01072013f.pdf downloaded: 603 times

Kamalavasan (Marketing Manager)     09 October 2016

Dear Sir,

I had one credit card in 1999. But I settled on 2000 by paying some Rs.9000. After that i dint see my cibil score. In 2002 i got loan fron Citi bank. That time there is no cibil problem. So, I dint think about it. But last month I applied for Tata Capital. that time I came to knoe that Shaha Finlease send report to CIBIL that I ave to give Rs.89 lak. So all the bank peoples refuse to give any loan to me. How can solve this issue. Now I dont have any record. Because I am npot aware this problem in cibil. Also I am not recev any communication from Shaha Finlease.


Please help to solve this issue.


Thanking you,




Deepak   11 January 2017

I need a lawyer to sue to Saha Finlease due to their negligence of my repeated reminders sent to them to update my cibil records. I have a settlement letter send by SCB saying there is no dues related to my old SCB card. Sahafinlease had acknowledged my communication and they also confirmed there is no dues from me. However, they are refusing to update my cibil records. Inspite of sending them numerous emails, they are just ignoring my request. what is a proper way to deal with these guys? I am done communicating with them. 

Kumar Doab (FIN)     11 January 2017

@ Deepak,

Have they refused to in writing?

The contact details of RBI are already provided in this thread.

In addittion you can also take up with CEPD, RBI.

Deepak   11 January 2017

I have their confirmation in writing that there is no dues towards my card. SCB too confirmed that there are no dues and that i have to follow up with saha finlease to update my cibil report. Shahafinlease is only increasing my cibil rating, but the status in my report says that the amount is 'written off'. this is wrong. the status has to be changed to 'settled'. they havent updated the status. my argument with them is on the status of my records on cibil. they are plain ignoring my numerous follow up emails with them. 

Kumar Doab (FIN)     11 January 2017

Probably you are referring to the Terminologies used by M/s CIBIL and advertised at:


Understanding the Terms and Keywords:

Written Off and Settled Status:


Do you have a published communication from lender; either the locan was restructured offering different terms, rate of interest etc..........?

If yes, cxite these.

If M/s SCB,Saha Finlease are not providing relief, try thru regulator RBI or apply your own skills or handover to your able counsel specializing in such/banking/consumer matters....


Satish Patil   18 March 2019

Dear Customer,


Thank you for update.


We are agreed on your condition, request you to please share your card account details to share the closure amount and offer letter for the same.

Please feel free to write here or you can write at for further updation.



Satish Patil



Dear Customer,

Kindly provide your contact number to assist you on this.

Please feel free to call or write to us on 8976069758/

Thanks and Regards

Customer Service

Shaha Finlease Pvt Ltd



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