India Investment, Stocks, Credit Card and Retail Forum
Credit Cards / Loan Products in India => India Credit Cards / Personal & Business Loans => Topic started by: rajamsc2003 on November 10, 2010, 02:33:49 PM
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hu
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Yes please contact a lawyer as the amount of 3.5 Lakh can keep growing faster and wipe of your entire networth.
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hi
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hi
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Pls. contact me on this forum only.
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Thanks Mr Ashish.
Please let me know how to check my Card is in Which bucket of settlement. Expecting your reply soon..
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HI
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When the credit card guy come to you regarding collection of payment and offer settlement just look at the sheet which they have with them containing due amount of various customers. There you will be able to see your principle amount, credit limit, over due amount your current bucket and your last payment status. The person who contact you first time are very low level executives which dont have any authority in there hands to do your settlement. After you view your details in that sheet just ask the that guy that you are willing to do settlement. Then he will forward your request to his senior executive and negotiate with the person as low as you can. He will then forward your request to bank for the amount that you are willing to settle. If the bank agrees to it then pay it if not then just ask collection agency for one month time to arrange for funds and when they contact you again then again ask for time until you can arrange for funds.
My bet is to start from 25-30% of your total outstanding. They will agree to about 35-40%. My CITI Bank got settled for 20000 in two installments agaisnt total outstanding of 970000 with principal of 73000.
If you are in 6-7 buckets then you can get very good settlement amount. To delay your bucket period when the collection people comes to you regarding payment give them 500 or so rupees they will never come back and post your status as not found (which is good if you want to settle). Attend every phone call of customer care and insist that you want to settle.
Dont pay anything against your card or take receipts as any amount will move you a bucket up which is not good.
As your bucket period increases your case will be given to agency which has power to write-off or to settle for any amount you are offering.
Cheers
Ashish
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Regarding Harrassment complain to Citibank on 18002665626 or mail at cardcare@citi.com against any harrassment by their staff, DSA or any of the collection agency, you will get a favourable reply.
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Dear Ashish.
Really Greatful and i wish to thanks a lot for your reply (Help). I have not yet spoken with the bank peoples for past 3 month. Several calls from the bank i haven't attended. Even i received mail from bank to call to some Executives. May i call the number now and talk. Please do advice. I will sure settle the card.
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Sure Speak to Bank and Negotiate. Hiding away is never a good idea. Negotiate Hard after all it is your money that u'll be saving through negotiation.
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Thanks a lot again for your Reply.
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Hi Mr. Ashish,
Thanks for your suggestion. I am greatful for your timely help.
Just today i have conversation with the HDFC. They offer me to pay 93 k for total 1.23 k (I have already paid lot as minimum). Just for the past 2 month i haven't paid but the amt is increasing so far. I am afraid of my Credit card linked with the Account for which my Salary credited. I am afraid whether my salary block. Please do advice.
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Dear Mr Ashishthakur78
I think you are busy these days. Please i need some heply for settlement. Do the needful. I have sent Mail to Citibank and also to HSBC. Citibank agrees for settlement but HSBC also rejected for setttlement. Please do reply.. Expecting your reply soon.
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Sorry for late reply, was not busy but was having lots of time in hand but no internet connection. Dont go for 93K for 1.23K as settlement, for 1.23K maximum you should go for 60K. As you are only 2-3 months late in payment they will not lower the amount but delay the payment for 5-6 months they will settle for less as the case will move from one agency to another.
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hi
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U wont be able to take loan from banks once u have done settlement from any of the banks. 7 years is the minimum period that the CIBIL will be maintaining you record. But since CIBIL is new initiative I fear what will happen after 7 years. They can increase the period at their own will. It is better that you go for settlement with banks and ask for clean credit record even if you have to pay little higher.