Credit card settlement
barkat
(Querist) 19 June 2015
This query is : Resolved
Hi one of my friend has used my credit card and has defaulted 1.5lc amount a year back but now the amount has gone upto 4.62lc cause bank has charged 3% interest month on month...now I am moving out of India in September and want to settle my credit card account my issue is my ready to pay the principal amount plus 50000 as interest so in total it goes to 2lc but bank executive is not ready to settle he is saying I have to pay 3.5lc then only they will settle my account...please suggest what should I do in this seniorio...
Kumar Doab
(Expert) 19 June 2015
It shall take negotiation skill to arrive a settlement amount.
Note that settlement is adverse entry and shall affect your credibility.
If there are some issues pertaining to deficiency by bank then DCDRF can be an option and your lawyer may opine that principle amounts needs to be paid.
Check with your lawyer dealing in consumer cases.
Don't borrow if you can't pay.
Rajendra K Goyal
(Expert) 20 June 2015
Whether the loan / credit is within time limit? If Bank is not ready, consult local lawyer and face litigation and settle through court .
Sudhir Kumar, Advocate 
(Expert) 20 June 2015
