Kindly look into the attchments.
Settlement is recorded in credit bureau by the member banks and is viewed as compromised capacity to pay and has adverse effect on credit score. However when the bank has agreed to collect a fixed amount customer should always negotiate with the bank and obtain in writing ( by letter under original seal and signature by hand of the competent employee and bank may send a follow up email) that bank shall remove the name from the defaulter's list maintained and updated at the behest of the bank with various credit bureaus (including ( CIBIL, Master Card International Negative List , Experian , Equifax ,etc) and the OTS/settlement shall have no effect on the credibility, credit score, applicability and eligibility to avail loan of the customer ( Name, DOB, PAN number, father's name, address of the customer) and bank shall issue acknowledgment of the payment and NOC after the receipt of the payment, on the spot. Customer should negotiate the matter to the extent that bank marks the copy to local BM, so that in case of a dispute local BM is made a direct party.
Bank is liable to ensure that the bill is supplied to its customer, and its liability is not limited to dispatch by post.
Did you give it in writing/or sign a statement to the bank that paper bill be stopped and e bill be started?
If you did not mention paper bill be stopped, then in addition to the paper bill bank was sending e bill on its own and bill should have been supplied by one of the modes.
You should have maintained a list of phone calls made to the bank i.e. date, time, phone number from which you called and at which you called, and you should have obtained a docket number issued to your complaint. Bank is liable to issue a unique docket number/complaint number to your complaint/instruction, e.g. bill not supplied/ change of address, change of phone number etc. If you have been using post paid landline/mobile connection you can obtain the call data from bill. If the original bill is not supplied then after the complaint is lodged by customer bank is liable to supply the duplicate bill. You can demand the call recording and notes made in notepad by the executives of the bank.
You are not liable to pay any penalty/interest+ taxes/finance charges etc for the period during which collection dept delayed the collection of payment and delivery of documents to you. You should have recorded the call details and call during which the bank threatened to update you as a defaulter. You can still agitate despite making the payment bank is threatening to declare you a defaulter. Bank’s are known to do it to extract more money/payment.
As per RBI guidelines you can obtain copy of your credit report from the bank by making a payment (each bank can fix amount but not exceeding Rs. 50/-) of fee fixed by bank. You may submit a letter to the bank with cheque of Rs.50/ only and demand your credit report by redg/speed post within 7 days along with copy of communication of bank ( by email/letter whatsoever) to credit rating agency ( CIBIL, Master Card International Negative List , Experian , Equifax ,etc). Bank might have updated your status as : Status: Options include: Suit filed, Willful default, Suit filed (Willful Default), Written off, Suit filed and written off, Willful default and written off, and Suit filed (willful default) and written off.
If you are declared a defaulter then you may build your case and sue the bank.
