kapildev (none) 05 November 2012

Settlement of credit card

Dear Sir/Madam My name is Kapildev.k and I WAS USING KOTAK CREDIT CARDS, I lost my job in dec 2011 and am in deep financial crisis . In this regards i approached your settlement department and explained my situation and asked them to settle my account for 40000 but they refused and said to pay around 50,000 then i said i need some time and my due date approached . They asked me to pay 6500 which will be deducted from my settlement amount . On 26 november 2012 to settle my account i was carrying 45,000 with me but your manager refused to take the amount and asked me to pay 51,800 .I am unable to understand what's going on before paying 6500 they gave me commitment of 50,000 and after paying the amount is should be reduced but in my case it increasing .I am not asking to wave of from my principal amount only the interest and other charges from six month (approx 3300*6=19800 (PRESENT DUE 65000-19800=45200) ) not from the beginning so that i can make the payment.I said clearly i have arranged 45,000 to make the payment but there is no proper response from the team and they are threatening me that they are going to send the legal notice. I am unable to understand when i agreed for the payment why all the things are happening. I clearly said i am in full of debts putting all aside first i want to settle your account . PLEASE DO THE NEEDFUL IN MY CASE AND CLOSE THE ISSUE AS SOON AS POSSIBLE . Regards, KAPILDEV.K

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Kumar Doab (FIN) 05 November 2012

It shall be approrpiate that whatever you want to settle and communicate and whatever has happenned as mentioned by you, you should put up in writing under acknowledgment.YOU may write to Nodal officer, MD, Chairman, Company Secretary of the bank, and draft your representation carefully.

And

Don't be afraid.

These CC staff is known to indulge in tactics to never settle the matter in writing and continue to chase the customer claiming the total dues are not paid.

Hence you may obtain the amount of setlement in writing the date of settlement as 1 month from date of letter { the letter should be dipatched within 48 hous of date of letter by redg. post only ] and company should confirm in writing that it shall withdraw the name of customer from its list of bad customers, list of defaulters sent to all collection and recovery agencies, credit buraeu's including but not limited to CIBIL and this settlement shall not be updated as written off and shall not have loan taking ability in future.

While you make the payment obtain NOC on the spot by letter under original seal and signature by hand of the competent employee of the company.

If the bank is resoting to coercion, pressure, rude conduct, threat report to police and RBI and its BO, BCSBI, IBA and issue legal notice.