Avay Sasmal (Engineer) 11 February 2012

Credit card settlement

Hi Team,

I am in a large trouble hence need your help and suggestions.

I have a HDFC credit card whose dues is currently Rs160,000.00.Now i am unable to pay the dues and want to settel it down.I have talk with the bank and they had said me that the settelment amount will be Rs125,000.00.But one of my friend who works in bank domain told me that if i am going for settelment then i will be enlisted in CIBIL hence will not eligible for any loan or credit card through out my life.He is against this settelment because of the CIBIL report and i am only 23 years old.But to make settelment i do not have so much money.I have to arrange it from some where.
Is it the fact that i will not eligible for any loan in future?

Please suggest me with a best solution.

Thanks in advance.

Ramanee Samal

Reply Follow

3 Replies

sridhar pasumarthy (ADVOCATE) 11 February 2012

As long as you are shown as defaulter in CIBIL, no bank/financial institution will grant a loan to you.

sridhar pasumarthy (ADVOCATE) 11 February 2012

I think it may not be true that your name will be exhibited in CIBIL after making settlement with the bank and on payment of the amount.

Kumar Doab (FIN) 11 February 2012

Settlement shall be reflected in credit report maintained with credit rating agencies including CIBIL.

It shall be appropriate to obtain it in writing from bank that bank shall clean your credit history and settlement shall have no adverse effect on eligibility to avail loan from any lending institution.

If you do not avail it in writing and approach the bank later to withdraw your name from list of defaulters bank may demand an amount.