I had a credit card of Standard Chartered in 2005, and then shifted address due to which I didn't get any of my bills. I have recently got a call from the collection company (Shaha Finlease) that they have bought my credit card debt from Standard Chartered in 2010, and my outstanding is nearly Rs 2 lakh. My principal amount is only about Rs 10,000, as per the last transactions in 2005, and they are willing to settle at Rs 50,000.
Should I negotiate to settle at the principal amount?
Thanks for the help
