Will my credit score come back after full repayment of debt

mohamedjameelalikhan (Querist) 06 April 2015 This query is : Resolved
Hi,

I have received a Credit Card in the year 2010 in Gurgaon and I was paying my emi correctly for 6 months and due to job loss and health issues I had to get back to my home city Chennai. after I recovered from my health issues looking for a Job was tough and found a job atlast in 2014 Dec mean time due to family tensions and joblessness had taken me to a level of frustration and during this point I completely forgot about my credit card.

Now I would like to pay back the amount but will that bring my credit score up in one go.

I certainly understand that it was my mistake to forget about my credit card repayment and I came to know about this when I was applying for a personal loan and the rejection reason was my credit score and further checking my cibil score i found that it was just my credit card repayment history which has screwed my credit history.

If I pay the outstanding in one go will that bring up my credit score up in the track immediately. When I spoke to a person from credit score company they said that it will not come back immediately and will take 3-4years to get the rating back.

I don't understand the concept behind this. It has taken my credit score down because of my non payment and when I am paying it back I should have the score back as this is the only repayment default I have till date. Can someone guide me how to get my score back after I pay my outstanding amount.

Thanks in advance

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Guest (Expert) 06 April 2015
After making full payment including the interest due, you will have to approach the concerned credit card company to remove the default from CIBIL. That process would dautomatically improve your score at the CIBIL to achieve your creditworthiness back.

mohamedjameelalikhan (Querist) 06 April 2015
Thanks for the reply sir, I would also like to know how soon do you think I should achieve my credit score back. Also what documents I need to collect from the bank after repaying them the full amount so I can prove that I am not a defaulter.

Guest (Expert) 06 April 2015
Must obtain "No Due Certificate" from the bank. Immediately on clearnace of the dues, insist the bank to write to the CIBIL for removal of default and restoration of credit score.

mohamedjameelalikhan (Querist) 06 April 2015
How will I come to know if they have written to the CIBIL for removal of default and restoration of credit score.

As I understand NDC will be provided by the bank at a cost of 1000-2000INR as far as I have heard.

Do I have to take a copy of letter once they write to CIBIL in-order to be on the safer side

SAINATH DEVALLA (Expert) 06 April 2015
Invested in my friends business and now claiming he cannot repay (Civil Law)
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This query is : Resolved

Author : mohamedjameelalikhan
Posted about an hour ago
Hi,

In the year 2012 Nov my college mate and a friend for 12 years asked me to borrow money for his restaurant business since I was jobless during that point I spoke to my parents and they agreed to help him on my behalf and later 2 months he and his family members offered me to be a partner during the month of Jan 2013 and since I was struggling that point I accepted to the offer and started working as a working partner along with the borrowed amount on a daily wages of 300INR.

Mean time they hired a CA and a partnership document was created and when asked to give a signature they mentioned that after releasing full payment we will sign and they made me feel like they were right as I was new to the business and the partnership deed.

Somehow I found that all the details which he provided me with bank statements and other details in regards to the restaurant was created by him and non are original documents. I spoke to the so called friend about this and he said he will repay my amount as soon as possible and his parents too accepted in the very beginning stage and suddenly they started creating a fight among themselves and one by one started questioning me why should they pay me back as I was partner and I should bare the loss.

The amount I invested was 965450 and the required amount to be a partner was 985000. I lost my patience and when I started questioning them back saying that I have only invested here and I am not supposed to bare the loss until the agreement is signed. They realized something and created another family issue saying that their son and his wife has got misunderstanding due to which their son is planning to go to Dubai I was shocked and later thinking that they should clear existing debts and handover the restaurant to continue with partner ship or to repay the amount for me.

They agreed to it and again they started telling me to take over the restaurant and he will no longer be the partner and I can enjoy the full benefit of it and I should bare the debts on my head. Initial stage I felt something fishy and asked for the debts detail and again they gave me a fake statement of details and didn't accept the offer as the debts were beyond his claimed invested amount.

all the time keeping me busy with their family issues one fine day by 12 midnight my friend called and informed me that he is leaving to Dubai and all the debts and shop will be taken care by his father to repay me and by the time I can reach him back with the shock I had he flew from India.

After several email conversation I found that entire family is a culprit and corrupted and the emails I received were mostly blaming me and not to the point. When I approached police station they asked me for documents and I said I don't have any apart from the Daily sales and investment accounts note what was followed by the shop manager and at a point including me. Police said that they can't do anything in such case. I was totally ZERO to hire any lawyer to proceed further and take any action. All I have is his SMS and email stating me as a invested partner.

With these documents are there any possibility to file a case and make him run down from Dubai.

Kindly help me recover the invested amount as I have got a family to be taken care and I need this to be done ASAP. I have rental documents and Partnership deed for the restaurant which was made through a CA and accounts note to prove my investment and same day transaction in my bank account and my parents account.

Thanks in advance

SAINATH DEVALLA (Expert) 06 April 2015
The above gentleman keeps on posting only to gain knowledge.

mohamedjameelalikhan (Querist) 06 April 2015

Author : mohamedjameelalikhan
Posted less than a minute ago
To Sainath Devalla,

For your kind information I am not hear to gain knowledge if you feel that I am here to gain Knowledge I am sharing Sub Inspector Raja from Nandambakkam, Chennai Police Station who called me last week saying that I was handed over the shop and I have to bear the debts against this restaurant and I cannot claim over the advance money. SI RAJA 9444106983.
if you think I am looking to gain knowledge please talk to me in person to know what kind of a situation I am going, I am in a position of not able to admit my son in school and for which I am seeking loan and thats when my parents invested on behalf of me and I am held responsible. It wasn't my mistake to start over without signing, it was my mistake to believe in someone with complete trust.

Last week the SI from the station called me stating that Asst Comm has ordered to close this case by 15th of this month and They are forcing to come to chennai if not they will send me summon.

I have found a gentle man who agreed to fight for the labour who have not received their payment and they have gone ahead to file case against the person who has left to dubai..

mohamedjameelalikhan (Querist) 06 April 2015
Thanks for your response P S Dhingra Ji, I guess SAINATH DEVALLA Ji is good at judging people before knowing them. Thanks for your response Dhingra Ji if you wish you can respond to my last question thats would be great if you don't wish to thats fine and thanks for your guidance really appreciate you're time

Kumar Doab (Expert) 06 April 2015
With the help of a lawyer preferably attempt to strike a negotiation with CC company in writing that it will call back your name from list of defaulters and cleanze your credit history and after the payment there shall be no adverse effect on your loan taking ability in future and you shall be able to get it at normal rates.

Or you may get it at higher rates :::at least the personal loan.

If you have not admitted the debt in last 3 years then recovery can't be enforced and CC company or its recovery agency/ARC should be happy to get the debt cleared hence you may apply your negotiation skills to resolve the issue in your favor.

Devajyoti Barman (Expert) 06 April 2015
Yes, I have also noticed to see this author posting long queries on different topics which certainly can not refer to his personal dispute.
Such queries must not be replied at all.

mohamedjameelalikhan (Querist) 06 April 2015
Thankyou Mr.Devajyoti I have already mentioned my statement on different queries...If you people not ready to help then fine, One cannot have different queries according to you I guess. One should not have multiple experience in his life.

I have already got in touch with SAINATH DEVALLA ji one your members and I am greatful to tell this even if he can't help atleast I would appreciate his effort in suggesting something best for me. I would kindly ask you to read the complete forum and respond to it.

Thanks Kumar Doab Ji...I will surely pay this amount and proceed further as per the previous suggestion. Thanks for the wonderful support.

mohamedjameelalikhan (Querist) 06 April 2015
I would like to thank Mr.PS Dhingra ji, Mr. Sainath Devalla Ji and Mr. Kumar Doab for answering my query and I am clear about what I have to do next. Giving this as a Resolved status within 12hrs of my post is awesome. Thanks to all of your time and patience in responding to my query.

Guest (Expert) 06 April 2015
You are welcome.

Will my credit score come back after full repayment of debt

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