credit card settlement

kiran (Querist) 24 November 2009 This query is : Resolved
Dear Members ,

i have credit card from standard chartered bank , for which i an paying interest every month , , i have paid a lot of interest more than my principle.
is there any way that i can settle the card with an amount with lok adalat or some thing.

KIRAN KUMAR

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Guest (Expert) 24 November 2009
Make out an application with the details of principal and interest paid so far and request the bank to suggest an amount for one time settlement. If no reply is received from the bank, take up the matter through Banking Ombudsman situate in your area.

As the banks usually say that they are following RBI guidelines regarding charging of interest, it is hard to drag them into court or any other forum.

Devajyoti Barman (Expert) 24 November 2009
Initiating proceeding under Provincial Insolvency Act is another option.

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