Credit card payment
Bikash
(Querist) 17 February 2013
This query is : Resolved
Dear all,
I have a credit card of HDFC Bank Ltd., which dues about 1.50 lac, due to some avoidable reason, I am currently not in position to pay the minimum amount also. For this, I call the credit card officer for that, they may grant EMI option for my payment or a issue personal loan (In which interest might be less than credit card interest), they denied & tell me that, you have to pay the payment, else we transfer your account with recovery agencies & they recover easily (Threatening me). Kindly help me with your valuable reply, which I urgent need.
Devajyoti Barman
(Expert) 17 February 2013
Negotiate with the bank. They should settle in lesser amount.
Bikash
(Querist) 17 February 2013
Thanks Mr. Devajyoti, But how I negotiate, when I talk they refuse both my option for EMI & Loan.
Advocate M.Bhadra
(Expert) 17 February 2013
The most of the bank adopt unfair trade practice by realise more interest and over due charges beyond the guide line of RBI.The Bank generally does not prefer to file a suit for credit card dues, it is also a lengthy process.If you want to take more time to repay the same then you can file a Suit for Declaration in Civil Court against the bank.
Bikash
(Querist) 18 February 2013
Thanks Mr. Bhadra, then tell me either I have to suit now or wait for the recovery agents to file the suit or threat. Kindly reply soon.
ajay sethi
(Expert) 18 February 2013
dont file any suit . you have when taking credit card signed an agreement . as prer clauses in said agreement you are liable to pay interest at 3%^per month ie 36%per annum .
in addition bank will levy other charges as provided in agreement .
if you fail to pay bank can file summary suit to recover its dues .
it is advisable for you to contact a local lawyer . when did you last make payment ? whether period of 3 years have elapsed since last payment made . ?
even if bank hands over papers to recovery agents thay cannot force you to pay . bank will have to take recovery proceedngs against you . HDFC bank is one of most reputed pvt sector banks . they wont resort to threats to recover itsd dues and ruin its reputation in the market
Bikash
(Querist) 18 February 2013
Thanks Mr. Ajay for your valuable reply. Sir, I made the last payment on January'2013 as minimum amount paid. But now my financial situation become worst, so, I can't able for the payment. What should I do? Now one side I am in financial crisis & other side the credit card dues teased.
Deepak Nair
(Expert) 18 February 2013
Best way is to negotiate with the bank once again. Keep everything in record/writing/email.
If they try to recover through illegal means, you can complain to police.
R.K Nanda
(Expert) 18 February 2013
lodge police complaint.
Deepak Nair
(Expert) 18 February 2013
They will use tactics to pressurize you to settle the issue at one go. But, there is another option to escalate the matter to higher management of the bank. Visit the website of the bank and find contact details. Then sent mails/letters to all according to hierarchy.
Bikash
(Querist) 20 February 2013
Dear Mr. Ajay Sethi & Others, Kindly help ! I negotiate with bank for EMIs or Personal Loan both, but they denied at all. I also write to bssbi.org, but no any reply received. I am in very trouble, Kindly help !
Raj Kumar Makkad
(Expert) 20 February 2013
Banker is the final authority. If the local officials of the bank are not agree then approach their higher officials and try to negotiate and finalize it for ever.
Bikash
(Querist) 20 February 2013
Hope so they do?, But if not then, what to do?
Raj Kumar Makkad
(Expert) 20 February 2013
If they dont do, you have no other option but to follow the guidelines of bank.
Bikash
(Querist) 21 February 2013
Thanks Mr. Makkad for your response, Is there any helpline to resolve, in which they communicate with banks official.
Deepak Nair
(Expert) 21 February 2013
Since you are at fault, no other remedy available to you. Escalate the issue to higher authority.
ajay sethi
(Expert) 21 February 2013
if you are not in position to payeven minimum amount let bank file recovery proceedigs against you .
