Dear Card Bhai,
I had a credit card with HXXX Bank with credit limit of 25K. I had utilized the full 25K in 2005 and defaulted on payment due to poor financial condition at that time. Till date, i.e., Oct 2012, I have not made a single payment towards the card. Now the current outstanding is around 5 lacs, status updated in CIBIL as Written Off, bank has handed over my file to JM Financial. Now, JM Financial is trying to trace me for payment. I have made a huge mistake already, but I want to settle this matter once and for all. I want to go for settlement with JM Financial. Please guide me as to how to negotiate for a settlement with JMF. Can I get them to settle for only the principal amount, i.e., credit limit which is 25K. I cannot afford anything more. I do not mind the Written OFF-Settled Status in CIBIL as long as I get settlement as that is my priority and will work on improving my score in future. Is it possible and if yes how do I go about it.
Regards,
