Help Required for settlement

[friend12]

Hi,
I have 3 personal loans two in ICICI and 1 in HDFC. I tool it for my friend to help his business. But he incurred losses so he could not repay me the loan amount. Now i am suppose to pay the EMI. And i am not able to pay the EMI due to my family financial crisis. Please help me in settling the loan.
When i approached the bank they are not agreeing for settlement and i am not able to pay it every month.
What should i do now? Can i get help from some one?
Please help me.

[cardbhai]

Are you a High School Student to tell such stories ? Approach a bank where you have good relations and then consolidate all your loans into one. But if you can't pay monthly installments then simply forget it, you are in deep trouble.

Behave Responsibly with Credit.

[kbvs]

Dear Cardbhai,

On Nov 2004 i made my very first credit card transaction through HCBC credit card and as i was informed by HSBC that i have 50 days of interest free period upon which i made the respective payment on around 30- 40th day. Following to which after 2 months HSBC sent me a statement reporting a late payment + finance charges of around Rs.900, following to which i inquired with HSBC and informed them about the insufficient information given to me about payment logic and instructed them to cancel my credit card and refused to make the charges.

Till date have never received any form of communication from HSBC, am surprised how Rs.700 is now become Rs.84,000.

I spoke to HSBC debt management dept (Rajesh from Bangalore) who advised me to go for settlement by paying Rs 42,000 - means they shall stop adding further charges and shall write off the amount on CIBIL. I know this is not a good option the only thing which is worrying me is if i leave other 2 months these looters will make it Rs 1 lakh. I have already written to HSBC nodal officer and waiting for their reply.

It doesn't seem HSBC is coming down from Rs42,000, what options you suggest me to get this issue resolved. Would going for Banking Ombudsman or Consumer Court shall give me justice.
Frankly speaking this is very huge amount for me to afford at any give circumstance and shall be unfair on me to pay such a huge price for a unknown small issue.

Thanks,
Karthick

[cardbhai]

Karthick:

If you have Paper Work to prove what you are saying, then HSBC Ombudsman must give you a reasonable Deal. Negotiate for CLEAN History stating that A/C is Closed without any Remarks. Don't pay more than Rs 4000 in this negotiation [Assuming you are have rightly stated your case here]

If not HSBC Ombudsman, then file a complaint with RBI and last option should be consumer court where you will have to pay nothing and recover all your cost from HSBC.

[kbvs]

Dear Cardbhai,

Thanks for your quick and prompt response.
yes, have asked HSBC for complete statement from 2004 - till date and they are sending this to me in other couple of days. HSBC ombudsman is Nodal officer right? have already sent them email request and shall follow up on the same. I will again go HSBC branch and shall try to negotiate best possible however, by looking at the way they speak they seem to be least bothered about this issue and not ready to come down from Rs42,000.
I was wondering going to Banking ombudsman will be a better option for me - will i be able to get the right justice or they shall give order to in favor of HSBC. Also was going through some blogs and got to know about www.icrpc.org - do you have any information about these guys.

Will keep you posted on further developments.
Thanks for your time on this.
Karthick

[kbvs]

Dear Cardbhai,
I have received below reply from HSBC and i have responded to them accordingly. Could you pls review this and advice me if am going on right path or you suggest me a better way.

Thanks,
Karthick

----------------------------------------------------------------------
Dear Mr. Karthik,


Your Credit card reference number : 300520115628


We refer to your email of 27 May 2011 addressed to Mr. Saket Jajoo,The
Hongkong and Shanghai Banking Corporation Limited (HSBC) India,
regarding your Credit Card.


We understand that you have certain reservations regarding the[/i][/i][/i][/i]
outstanding pertaining to your card account number ****6076. In this
regard we would like to inform that the card is invalidated with effect
from 08 July 2005 and there is an outstanding of INR 84065.38 in the
said card as on date.

Based on your request we have once again liaise with the our Debt
Management team and understand that you have been offered a settlement
of your card account for an amount of INR 10000.00 , however we
understand that you have not given consent for the same, please note
this offer has been given on an exceptional basis. Offering settlement
for a card account is the Bank's discretion.

We would further like to inform that legitimate charges have continued
to accrue on the card account, due to nonpayment of card dues. These
details were duly shared with the credit bureaus, as part of standard
operating procedure. In view of the above, the current outstanding on
the card account is due and payable by you to the Bank.

If the card holder wishes to have the extended credit facility and pay
HSBC an amount less than the statement total payment due, the entire
outstanding from the date of the transaction will attract finance
charge. All new transactions will also attract finance charges from the
date of transaction at the prevailing rate (3.3% per month for Gold and
3.5% on classic card) once the account uses the extended credit
facility. This charge will be debited on the last day of the Billing
cycle and will be applied on daily balance.

Incase you wish to settle the card outstanding dues in the above
mentioned amount, request you to confirm enabling our Debt Management
team to issue settlement letter stating the terms and conditions for
settlement of the card account.

We have attached herewith the statements of your card account  for your
ready reference. The password to open the statement file will be your
date of birth in DDMMYYYY format. For example: If your date of birth is
02 January 2008, then the password to open the file would be 02012008.

Mr. Karthik, we would like to assure you that in view of our focus and
commitment to customer service, we have addressed your complaint in a
fair and equitable manner. Please do not hesitate to write to us in case
you need any further information.

For the awareness of our customers, we would like to inform you that the
Reserve Bank of India has appointed Banking Ombudsmen under The Banking
Ombudsman Scheme, 2006, to provide a forum to customers for the
resolution of their complaints relating to deficiency in banking
services. Details can be viewed vide the appended link.


http://www.hsbc.co.in/1/PA_1_083Q9FFKG80E20RA9Q00000000/content/website/
pdf/ombudsman_2006.pdf

We remain committed to providing our customers the best service at all
times.

Should you require any further clarifications, please write to us at
nodalofficerinm@hsbc.co.in


Assuring you of our best services always,

Yours sincerely,

Priyanka Guha
Senior Officer, Customer Service
The Hongkong and Shanghai Banking Corporation Limited

----------------------------------------------------------------------

karthikbvs@gmail.com
to   HSBC INDIA NODAL OFFICER <nodalofficerinm@hsbc.co.in>
date   Mon, Jun 6, 2011 at 11:57 AM
subject   Re: Your Credit Card 4476 xxxx xxxx 6076 (KMM10035901V52533L0KM)
mailed-by   gmail.com
   
hide details 11:57 AM (9 minutes ago)
   
Dear Priyanka,

Firstly, thanks a lot for your prompt response and for sending me my HSBC statements.

Yes, i received call from HSBC Debt Management dept (Mr. Rajesh) further to our conversation. Mr. Rajesh again informed me that if i have to ensure a clean history on my CIBIL i still have to pay the entire outstanding of about Rs.84,065.38. The settlement of Rs10,000 which is offered to me will just ensure that HSBC would stop any further charges on my account and the rest of the amount shall will still be shown as o/s on CIBIL report as writen off. I inquired with other financial institution with whom am about to take loan, they informed me that i should receive a NOC from HSBC upon the settlement however, Mr. Rajesh informed me that he will not be providing the same.

My intentions are to resolve this issue with HSBC asap and have a clean CIBIL history.

Also, iro Rs.10,000 settlement i feel that this is still not a fair settlement considering my principle outstanding of Rs.1,600. Would appreciate if you could review this one last time.

Thanks for your kind cooperation and support on this.
Regards,
Karthick

[Pradeep]

Karthik,

Do you have contact details for debt settlement of HSBC in Bangalore.I am also facing issues with misues of my card.You can mail me at pradeepld@gmail.com

Thanks and Regards,
Pradeep