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Credit Cards / Loan Products in India => India Credit Cards / Personal & Business Loans => Topic started by: cris on April 03, 2012, 07:45:31 PM

Title: Loan against Citi credit card
Post by: cris on April 03, 2012, 07:45:31 PM

Hi

More or less I am also in the same situation. Took a loan on citi bank gold credit card in 2009 for 4 years - 4 lacs. I was successfully paying EMI's as mentioned till dec'11. Though I lost job in aug'11 I managed to pay the amount till dec'11 and from Jan'12 I have become defaulter and surprisingly bank has not contacted me till now however I would like to go for a settlement and negotiate for a final amt. I am guessing my OS might be aroung 1.5lacs...don't know how to proceed and get the settlement.

Can you help me with the process,...

Title: Re: Loan against Citi credit card
Post by: cardbhai on April 05, 2012, 02:41:29 PM

1. If Possible try to retrieve an electronic statement from your CitiCard Login so you will know what is the situation.

2. Pull your CIBIL Credit Report and see to what extent the damage has been done

3. Approach the bank with intent to resolve and negotiate tough, they will give you a deal and Pay Off if you have the money else convert into EMI and Payoff. But negotiate for clean credit history and rating.