Credit card issue
Querist :
Anonymous
(Querist) 15 January 2012
This query is : Resolved
Respected Sir,
I am Amol from Mumbai.
I would be grateful of you, if you advice me regarding my credit card issue.
I had taken ICICI bank credit card (Rs. 1 lakh) before three year, I paid two year without fail but from last 1 year i failed to pay all amout now it is it 1,40,000, they are sending me notices, but i m not responding due unavailibility of funds. As per your calculation, how much settlement amount they will ask me to pay. I am ready to pay 80,000 as final settlement amount in three installments.
will they consider this amount ?
I am afraid. Please guide me.
Thanks in advance.
Amol
ajay sethi
(Expert) 15 January 2012
if you fail to pay bank will issue notice and then file suit in mumbaifor recovery of dues with accrued interest .
send a letter to bank that you are willing to pay rs 80.000 in fiull and final settlement anf to waive of interest . mark the letter without prejudice
Nadeem Qureshi
(Expert) 15 January 2012
Dear Querist
as per law the bank have right to recover whole amount with interest from you but if you are ready to make payment, contact with bank official and negotiate with them. most probabily your case should be settled with this amount.
feel free to call
Raj Kumar Makkad
(Expert) 15 January 2012
It shall be better to visit the bank personally and apprise the concerned officers your current situation and offer them OTS against a sum of Rs. 75,000/- instead of Rs. 80,000/-. Let them start giving their opinion and lastly you make compromise as desired.
Generally banks do such settlements.
Devajyoti Barman
(Expert) 15 January 2012
Rightly advised above. Follow their advice carefully.
mahendrakumar
(Expert) 16 January 2012
banks may agree to such things depending on your present financial positions/assets.
any how approach them.remember that,you are legally bound to pay the entire amount.
these things can create a bad CIBIL ratings too,which may hamper for future.
M/s. Y-not legal services
(Expert) 16 January 2012
yes.. am also agree with our members.. you are liable to repay the amount..
however you are also ready to repay. but if you choose installment mode mean they wont give you any offer., if its OTS mean you can get deduction from the total amount..
-tom-
Deepak Nair
(Expert) 16 January 2012
Yes. the bank has the righ to recover the dues.
In my experience, it is very difficult to convince the bank on such a vast difference. The bank will at the most waive off the interest amount. The rest depends on your power of convicing the bank officials
