Credit card related issue
Ravi Shah
(Querist) 25 March 2013
This query is : Resolved
I am holding a credit card of HDFC bank and used the card approx. 26000/-
I am paying the interest from last 2 years but not able to do complete payment and now it reached to 40000/-, I have talked with the customer care and grievance department for settlement of the credit card but they are saying that we can’t settle your card as this is in live status. I also asked them to provide me the EMI facility so that I can make the payment but this also not available.
Now I am not able to find any way through which I can settle this debt and now it’s becoming a very big problem for.
So please suggest me a way out.
Adv k . mahesh
(Expert) 25 March 2013
the interest calculated by the bank people on the credit card due amount will be more compared to loan amount so try to settle the amount as one time settlement by discuss with bank authorities and ask them to waive the interest part so that you may try to settle the principal amount
Ravi Shah
(Querist) 25 March 2013
But sir they have denied to settle the card, i have already talked in customer care, Grievance department. I am willing to pay the amount but they are not giving me any option.
Please suggest the next course of action.
Ravi Shah
(Querist) 25 March 2013
please help!!!
Guest
(Expert) 25 March 2013
Instead of becoming defaulter of the bank on one time settlement basis and getting minus credit rating in CIBIL, you may better try to get credit card of some other company, which may offer facility of credit transfer to their card. Rate of interest would be comparatively much cheaper in that system, besides getting EMI facility. Once your credit rating at CIBIL is affected, you would not be able to get any bank loan from any bank in future also till your credit rating is not improved.
Ravi Shah
(Querist) 25 March 2013
Sir my credit limit is already overdue and i think this has already affected the credit rating as well.
If my credit rating has already low then no one will issue me credit card.
Guest
(Expert) 25 March 2013
If you don't supply complete information, is there any source of information for us to know since when the amount is overdue and since when you have topped paying your dues?
Unless overdue for more than three months the bank is not likely to report its client as defaulter at the site of CIBIL.
You may check at the website of CIBIL, if your name is there in defaulters list.
Ravi Shah
(Querist) 25 March 2013
Sir just now i have talked with one of the person who is working in collection department. He told me that your card is in live status and it can be settled and also you will get the NOC from the bank. So is it ok, means this will affect the CIBIL rating or nor?
Guest
(Expert) 25 March 2013
Nothing is dead in bank's accounts unless the amount is written off. Simply accounts of clients are transferred to the category of non-profitable accounts for the time being till recovery is not made.
On the other hand, every private collecting agent just to earn commission out of the recovered amount tries to mislead account holders as to be contacting on behalf of the bank, as if they are their employees. WHY DON'T YOU TRY TO CONTACT THE BANK AT THE CONTACT NO. OF CALL CENTRE GIVEN TO ALL CREDIT CARD HOLDERS, INSTEAD OF BELIEVING THE COLLECTION AGENT?
Since you have vowed not to part with requisite information, I would advise you to contact some local expert to help you instead of unnecessarily extending the thread.
Ravi Shah
(Querist) 25 March 2013
ok sir, I will try to settle this with the bank only.
Thanks for your valuable and prompt support.
