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Credit Cards / Loan Products in India => CIBIL Credit Report Score => Topic started by: NRG on June 27, 2012, 05:20:23 PM
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Hello,
I need some advice. I last used my HSBC card in Apr 2005 before I left for US. My mistake - I paid partially and defaulted on 5000/-. They could not communicate with me and I did not close the account. When I came back, 6.5 yrs later, I found the due is 160K and CIBIL status "write off".
Question#1: I want to settle but bank offered 110K as settlement, which is still too high for me. What is the bottom I can negotiate with them?
Question#2: What should I negotiate on for documentation when I am looking for a home loan?
Question#3: Is there a time when the bank stops this counter? I wonder what I would do if I came back a few years later. :)
Thanks,
NRG
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1. If Original Amount is Rs 5000 after 7 Years I wouldn't pay more than Rs 25,000 - So Negotiate.
2. No don't tell them you are desperately looking for a Home Loan etc They will stick firm and not move an inch.
3. Follow CardBhai's Full and Final Settlement Advise (http://www.cardbhai.com/2009/01/credit-default-final-settlement-steps.html). In your case ask for change in CIBIL Status to "Settled" from "Written Off" and demand this as a part of Settlement Offer.
Best