Credit card payment default
Aruna
(Querist) 17 May 2016
This query is : Resolved
I had defaulted on my credit card payment of 52000 in the year 2005 due to personal issues. I wanted to contact them and payback the money but unable to do so for some or other reasons. however, recently I received a call from someone stating he is from the bank and asked about default details and offered me a deal to pay 55000 and he will give CIBIL clearance also. Anyways, I dont have so much money right now and I dont have a job also as of now. Told him the same thing and asked for some time but he is insisting on paying the amount in one week otherwise the amount will increase.
As it is impossible for me to pay back the amount in one week, I told him I will try paying next year as it is already so many years old issue and it can wait for some more time.
When I purchased a CIBIL score report, in that this bank's name was not mentioned anywhere. Also, I had a good score as I was paying back all other loans and credit card payments on time. Can you please let me know what all the consequences I might have to face if I wait for an year to pay back the amount.
Thanking you in advance for your support.
Regards,
Anitha
Sudhir Kumar, Advocate 
(Expert) 18 May 2016
Further, how doe s the CIBIL report affect you. You are already under debt which you say is beyond paying capacity. Are you planning to raise a further debt.
Kumar Doab
(Expert) 18 May 2016
If you have borrowed, you should pay.
Don't borrow if you can't pay.
Record all calls.
Ask the person to send letter by Redg. Post from Post Office only, narrating his offers. ( You are unlikely to get it)
Write to the CC company/bank, under proper acknowledgment, (attach call recordings) and ask the MD of the bank to write back,by Redg. Post from Post Office only, whether the bank asked/authorized this person to contact you?
The CC company/bank has most probably sold the NPA/written off/Bad debt to some recovery agency, and they are contacting you to make some earning..............and they shall resort to phone calls.
Your debt if not admitted by you, is hopelessly time barred.
R.K Nanda
(Expert) 18 May 2016
nothing to add more.
Aruna
(Querist) 18 May 2016
Thank you all for your helpful replies. I want to pay back but not now, maybe once I clear the current loans which might take an year minimum. I had already acknowledged that when they called me. I am not planning on any further loans, so I don't think so CIBIL will affect me as of now.
My only concern is whether they start sending people to home/office or police inquiry anything like that
Rajendra K Goyal
(Expert) 18 May 2016
The loan seem to be time barred and Bank has no right to recover the amount.
discuss with your lawyer.
Even if you pay CIBIL may show the loan paid by compromise.
Kunal Shah
(Expert) 18 May 2016
I agree with Mr. Rajendra K Goyal
Kumar Doab
(Expert) 18 May 2016
Settlement is an adverse entry.
If you want to pay let your able counsel drive the calling person/recovery agency/ARC to write to you with their offer, and structure your replies so as to defend your long term interest and loan taking ability in future.
Aruna
(Querist) 19 May 2016
Thank you all for your valuable response and time spared. You guys are awesome!
Thanks a lot!!!
Dr J C Vashista
(Expert) 23 May 2016
It is time barred debt which cannot be recovered at this stage.
However, how could you manage good CIBIL from the bank when you are admitting to be a defaulter since 2005?
You are concealing some material fact from the experts.
Aruna
(Querist) 23 May 2016
Hi Vashista Sir,
Whenever my loan/credit card application gets rejected, I used to think it is because of this default. However, as I have already mentioned in my earlier reply, I could not find the name of this defaulted bank mentioned in my CIBIL report anywhere. So, my guess is they have not reported to CIBIL yet and that is the reason I have a better score.
Kumar Doab
(Expert) 23 May 2016
Ask CIBIL to disclose the name of member bank that has posted report on you.
advocatepassy@gmail.com 971794
(Expert) 18 May 2016
