India Investment, Stocks, Credit Card and Retail Forum
Credit Cards / Loan Products in India => India Credit Cards / Personal & Business Loans => Topic started by: card_blues on November 24, 2010, 03:31:36 PM
-
Dear Senior members,
This is in regard with my credit card sttlement with hdfc bank. My card has an outstanding of 42000 as on date but i had used the card for only around 25 thousand and have been payin a mnimum amount due of 2 thousand for almost last two years out of which not even 10 % was going towards principle but the complete amount wasbeing adjusted against late payment fee,finance retial charges,service tax and cess.
Now 2 months back after i got fed up with this i spoke to the customer care on phone and said i wanted a settlement.My current statement shows a outstanding of 42,237 with minimum amout due of 22,367.The past mimimum amout dues shown is 2000 for 2 month back,2010 for 1 month back and 2000 for current month.I have been offered a settlememnt only on phone about 2 days back for Rs 30,000 APROX of which they r asking me to pay 4000 aprox by cash and issue 2 post dated cheques for the balance 26000 which they say they will mention in the settlement letter.Kindly guide me as to if i should clear the entire 42000 for a better cbil report or pay 30,000 that has been offered or bargain for a better settlement.I have paid more than 45000 almost in minimum dues due to my negligence and now i have about 30,000 ready but need ur guidance regardin thesame.
Thanking you all for ur time ,looking forward to you advice, plz do guide me through this ordeal. Thanks you all once again.
-
Dear seniors, today after readin through a lot of posts here finally i called up the person who was caling me up for payments and told me about the settlement.TO MY SHOCK he said he is callin from collection department of the bank and then wheni questioned him as to my principal amount due he asked to to call the customer care as he didnt have the detail.After this wheni told him how he had qouted the amount for settlement he said he never quoted but just told me about the procedure and he wants me to come and clear one installment as my account is in default and only after i pay this they will be able to give me the settlement offer. I am rally worried and confused as to what is to be done now.I request all the seniors to kindly provide me guidance in closing this matter.
thanks
-
Dont pay anything unless u get your settlement amount. They will ask you how much u can pay and then will negotiate to pay more then u quoted. Negotiate hard and ask them to show u settlement letter. If u are comfortable then go for single installment. Single shot settlement amount is lower then the amount that u pay in installments.
-
Dear Ashish ,thanks for your reply. Actually i have not paid the last two months minimum balance so that they come forward for settlement.My concern now is last week they had clearly qoute'd 30,000 on phone and now i hear a new story.
My other concern is the amount is going on increasing if i don't pay and i don't want a huge outstanding in future.I have arranged for 30,000 now and my aim is to close this account with them. Should i call the customer care or is there any one else whom i need to contact as they are going on calling me for one installment to be paid that is minimum of 2120 and it is disturbing me a lot.
i have paid about 45000 plus for using 25,000 and acting carelessly till date and now i just want a way outI just want to close this chapter so plz guide me as to what step i should take
-
Hey! Are you working right now? If yes, I would have something better to suggest you. I've been a part of Citi Credit Cards for 3 years. Though it wasn't Citibank India but I'll be able to tell you the ins n outs of things here in India. I myself have a balance of 1 lakh on two cards with Citi India.
-
no iam not working ,im into business,and today went through HDFC website and got the custmer care number and called them but they said their is no settlement and i have to pay full amount, i dont know what to do now as i am afraid that if i dont pay then the outstandin might go on incresing,i just want to know how to close this, and i am ready for one shot payment but i dont have 42k but have arranged 30 k
-
Hmm ;). no issues. I might need to ask you what business are you into? & what is the turnover?
-
actually im into garments retailing,the business is a family one and not registered on my name, the turn over is low and i dont pay much tax either,i show a slary of 8k to 10k a month,
-
Now please answer:-
1) Assuming that you don't have any credit cards, how much can you save every month out of 8 to 10k?
2) The 30 k which you have arranged, do you have to pay any interest on that? If not, how soon do you have to return?, and
3) Do you also have a cash balance on the card?
-
i can save about 2500 to 3000 a month and i dont have to pay interest on the 30k but i have to pay it back in about 10 months or so. i have borrowed this from a friend so that i can get out of this mess. my card has expired about 2 years back i think and i have no idea about cash balance but i have never withdrawn cash from the card
-
Do you also have a cash balance on the card?
-
Do you also have a cash balance on the card?
no as per the final statement ther is no cash limit. ihave never drawn cash from it and it has expired almost 2 years back and have not recived the renewed card as i informed them at that time that i dint want it.
-
I would recommend you not to skip the entire payment. I've seen many cases where even after paying the settlement amount, people have to ask their respective bank and beg n number of times to give a clean chit to CBIL and even then it creates various issues in future..
Either you talk to Grievance Redressal dept and Escalate your Complaint. Talk to the officers on this numbers n see what they have to say. I'm sure a solution would definitely be awaited..
Call Grievance Cell Officer
Phone No. 044 - 23744704
Timings:
Monday to Friday - 9.30 a.m. and 5.30 p.m
If nothing happens then let me know. There is another calculation where you would be able to payoff the complete balance on the card. Stay calm.
-
thank you very much friend for all ur time and help. Tomorrow i will call the number u have given and see what reply i get.Its not like i dont want to clear but i feel cheated that for a loan of 25000 i have paid back the bank more than 45000 and still i owe them another 40000.My only aim is to settle this issue here amicably with out further harrasment from the collection agents.In the worst scenario i will cough up the complete amount but just want to try and see if i can pay 30k or lower and close the matter.
-
Your welcome :). The reason it jumped up because they might have applied the default rate on your card. If the card has past due for a long time, banks often do the same. But that's okay. Don't worry, talk to them. One last question, how have you planned to pay off that 30k which you have borrowed?? Reason I'm asking because if you are expecting an income(apart from your regular income) in the coming few months down the line, that would be great.
-
sorry for late reply, well yes i am expecting some money from another source which is due to me and hopefully should come to me maybe in next2 to 4 months,right now just keeping fingers crossed and hope the grievence office has a solution to my problem..thanks gain
-
Okay great. Things would be perfect then. Talk to them first n c what happens. Must get help at the soonest..
-
Today i spoke to the grievence cell officer, one lady called Rajni spoke to me.She said i had 2 options here to close the acount.The first being i pay 16k out of the 42k outstanding which would bring my outstanding below 26k thousand ,as 26k thousand is my credit limit, after this they can make an EMI plan for the rest of the amount ,but i shall have to pay interest on that again.After this wheni mentioned if i cant pay that and if i could have a wavier for a settlement she said that, that is looked after their billing department and she would arrange a call for Settlement and took my number and said she would revert back on that.Fingers crossed for now let me see what happens.
thanks all for ur help,do give ur inputs to help me get out of this mess
-
Hey! That sounds great dear. Wait for the call as they promised.
-
Today the dispute took another turn agin, really makes me wonder what they r upto.I was waiting for the call from the bank after speakin to miss Rajni, and out of the blue mr.Krishna(collection department says from HDfc) who has first offered settlement, then yesterday went back on his word, TODAY AGAIN COMES BACK WITH THE 30K OFFER AND 4 INSTALLMENTS INSTEAD OF 2. I told him that im not going to pay anything unless i get a Settlement letter ON the banks letter head and insisted for a CLEAN CREDIT HISTORY, i dont trust him though but he said his officer wil call me back.After a while one MR.CHETAN gave me a call and said they have a approval for settlement for 30600 and 4 installments but my name will be put in CIBIL.he says the only way i can have a clean credit history is to clear the entire amount.He is not even ready to reduce the amount further in case i am ready for a one short payment.I said i know cases wher people were given a clean chit, but he says some 3 banks do so but not HDFC as its a indian bank.What do ido now plz advice,i told him i will get back to him
-
As I earlier mentioned in one part of my conversation, that's how they react. They also might assure you right now but you never know when your next loan application is turned down because of the bank not removing your name as a defaulter. Try if you further take the negotiation between 35-37 and also get your name removed. BUT all this has to be in written. If this does not work out then paying them 25 k at one go and then as per the normal billed amount would be the option. Make sure you try to increase your saving n try to pay more than minimum & on the rest 17k the minimum due would not be that high. You'll be saving 5k out of 30k for any urgency and then also making a payment of more than 2k per month(& still saving 500-1000). Must help. 42 looks and sounds bulk since nothing has been paid by you as if now. You could also do a balance transfer on a different card if you have, that will help you getting rid of finance charge for at least 3 months.(Frequent offer with credit card companies)
-
Dear lucky, so are you suggesting that i pay 25k now in one shot and then pay the rest 17k in installments. I dont think they are ready if i say 35k in one shot and wave the balance as even in that they will not leave my name out of cibil. The only way for a clean sheet now looks like i pay 25k and the balance in emi for whichthey said 1.5 % interest in charged wher as right now im paying close to 3.5 %. Well i have recived their calls twice anyway but have kept him on hold till now,just checking their patience now but i guess ill decide by monday or so as if i delay the amount will jump up by one more installment.wil update u and post if i need further hels.thanks for all ur effort and time
-
yeah, that's what I meant. 25k at one go and then rest in installments. That would be helpful both financially and would also make you feel better since it doesn't sound like a HUGE amount. You would also be keeping 5k in reserve and then adding 2500-3000k/month as your saving which would more than enough to pay the 17K, if you pay more than minimum. Rest is your call. What i'm more focused on is your name being removed from CBIL. That means ALOT.