Napster
03 June 2011 at 17:19
I was using citibank credit card and had a personal loan on the card. Due to financial problems i have not been making payments since the last 2 years. My situation has not improved but i did write to the bank that I am still not in a good poistion and that if they can consider my request and I am already in huge debts and would like to settle this accounts for Rs. 20,000.00 in 3 installments. While the bank is saying the cummalative amount of both the product is about 5 lakhs and the best they can do is settle at 2.5 lakhs. This is simply not the amount i can afford or arrange by any means. I have however asked them that if they can give me some time and i will try and see if i am able to arrange some more funds and i would update the bank accordingly. But i have also made it clear that what they are offering is something i won't be able to arrange and the best i think i would be able to arrange is 30-40 thousand at the best in 3 installments.
The bank is not threatning a legal case against me. While i have told them that there is nothing that i can do to stop that in my current situation and i will leave it to the bank if they want to go ahead with the case as it is not my decision.
The point is that i had never applied for this credit card this was offered to me as an promo offer few years back as a Jet Airways frequent flyer member and subsequently the personal loan was offered on the credit card.
I want to know what case can citibank file for and what consequences can that have on me and my family. How do they intent to take the money if i don't have that kind of money to offer.
Please help me with the legal advice on this and how to tackle this situation and how to ensure that citibank doesn't harm me or my family.
Anonymous
03 June 2011 at 10:55
I was using citibank credit card and had a personal loan on the card. Due to financial problems i have not been making payments since the last 2 years. My situation has not improved but i did write to the bank that I am still not in a good poistion and that if they can consider my request and I am already in huge debts and would like to settle this accounts for Rs. 20,000.00 in 3 installments. While the bank is saying the cummalative amount of both the product is about 5 lakhs and the best they can do is settle at 2.5 lakhs. This is simply not the amount i can afford or arrange by any means. I have however asked them that if they can give me some time and i will try and see if i am able to arrange some more funds and i would update the bank accordingly. But i have also made it clear that what they are offering is something i won't be able to arrange and the best i think i would be able to arrange is 30-40 thousand at the best in 3 installments.
The bank is not threatning a legal case against me. While i have told them that there is nothing that i can do to stop that in my current situation and i will leave it to the bank if they want to go ahead with the case as it is not my decision.
The point is that i had never applied for this credit card this was offered to me as an promo offer few years back as a Jet Airways frequent flyer member and subsequently the personal loan was offered on the credit card.
I want to know what case can citibank file for and what consequences can that have on me and my family. How do they intent to take the money if i don't have that kind of money to offer.
Please help me with the legal advice on this and how to tackle this situation and how to ensure that citibank doesn't harm me or my family.
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Credit Card / Personal Loan
I was using citibank credit card and had a personal loan on the card. Due to financial problems i have not been making payments since the last 2 years. My situation has not improved but i did write to the bank that I am still not in a good poistion and that if they can consider my request and I am already in huge debts and would like to settle this accounts for Rs. 20,000.00 in 3 installments. While the bank is saying the cummalative amount of both the product is about 5 lakhs and the best they can do is settle at 2.5 lakhs. This is simply not the amount i can afford or arrange by any means. I have however asked them that if they can give me some time and i will try and see if i am able to arrange some more funds and i would update the bank accordingly. But i have also made it clear that what they are offering is something i won't be able to arrange and the best i think i would be able to arrange is 30-40 thousand at the best in 3 installments.
The bank is not threatning a legal case against me. While i have told them that there is nothing that i can do to stop that in my current situation and i will leave it to the bank if they want to go ahead with the case as it is not my decision.
The point is that i had never applied for this credit card this was offered to me as an promo offer few years back as a Jet Airways frequent flyer member and subsequently the personal loan was offered on the credit card.
I want to know what case can citibank file for and what consequences can that have on me and my family. How do they intent to take the money if i don't have that kind of money to offer.
Please help me with the legal advice on this and how to tackle this situation and how to ensure that citibank doesn't harm me or my family.