Query on Credit Card Repayment

Please indicate how much is due from you to the Bank?

Are you still using the Credit Card for your purchases?

That is a very small amount.  They will not go to legal action.  Even if they go for legal action, if you state that you are continuously paying whatever amount is available with you, they will not succeed in their legal action.

Do you have copy of CC issuance form signed by you?

Did M/s HDFC Bank Ltd supply you the MITC?

Has M/s HDFC Bank Ltd been communicating you in writing the interest and charges and change in interest, charges etc?

Is M/s HDFC Bank Ltd supplying you the monthly bills showing CC usage, Last balance, payments made, interest, finance charges, Late payment charges etc etc ?

Who is saying pay Rs.60000/? Say some agent/agency by phone calls, personal visits ?

Is this saying verbal or in writing?

Do you have all old bills to calculate yourself what was due amount from Day1, usage, receipt of payments made by you and balance as on date?

If you have carefully kept everything then you can calculate the actual balance, yourself.

Looking into the default, delinquency in your CC a/c M/s HDFC Bank Ltd is concerned about your financial health and payment of dues hence M/s HDFC Bank Ltd and IT’s agents are pressing you to pay.

As per RBI guidelines also M/s HDFC Bank Ltd cannot resort to unfair means however many publications and even at LCI suggest that like any other CC issuance company M/s HDFC Bank Ltd resorted to coercive practices and has been penalized many times….

The usual procedure is to call for CC camps, Lok Adalat, Arbitration, and recover thru agencies…………..and report the delinquency to credit bureau’s like; CIBIL..

The fat interest and charges will keep on adding till you pay final amount, and M/s HDFC Bank Ltd may not like to give such opportunity to earn such fat charge…..like any other CC issuance company as well.

GO thru; RBI Master Circular on Credit Card Operations of Banks that is available on website of RBI

Banks…………..of each year starting from year in which you took CC and current year….

https://www.rbi.org.in/scriptts/BS_ViewMasCirculardetails.aspx?id=9838

https://www.rbi.org.in/scriptts/BS_ViewMasCirculardetails.aspx?id=9838#1

https://www.rbi.org.in/scriptts/BS_ViewMasCirculardetails.aspx?id=7338

Also go thru;

https://www.business-standard.com/article/finance/rbi-asks-banks-to-make-credit-card-interest-payment-easier-for-users-114040700700_1.html

https://www.lawyersclubindia.com/forum/Credit-card-robbery-amp-fraud-in-china-94830.asp#.Viimvm5-jMo

Likewise IBA, BCSBI have issued codes/guidelines….that you may download and study.

In case you are being harassed, coerced, intimidated……………..record transactions and lodge complaint with Code Compliance Officer, CEPD- RBI, Department of Non-Banking Supervision-RBI …………

The contact details of RBI, M/s HDFC Bank LTD and even some NGO’s/help groups can be taken from above mentioned links…  

If you wish you may ask M/s HDFC Bank Ltd for settlement of dues and in a form that you can pay, …………………however M/s HDFC Bank Ltd may keep on adding penal charges and despite payment of min dues total outstanding may keep on increasing……………

Or you may prefer one time settlement that may be on principle-paid amounts=balance………….or even an amount that you can pay…………and for that you need to negotiate properly including that Bank may call back your name from list of defaulters and cleanse your credit history so that you can avail loan in future from lenders…….

M/s HDFC Bak Ltd may agree or may not agree………

If M/s HDFC Bak Ltd has defaulted on any counts and you can establish then IT may agree to a suitable/amicable settlement….

If you are unable to resolve on your own then you may approach a very able senior LOCAL counsel of unshakable repute and integrity specializing in such/banking/consumer matters and having successful track record ………………and your counsel can examine your matter to fetch you relief…

The consumer forum may on merits provide you some releief….

Inquire for such counsels LOCALLY at LOCAL Consumer Forum………

Ask for free legal support in case you are a deserving case……….for such support…

In future don’t take CC, loan if you don’t have repaying capacity.

Remember CC is alternate to carrying cash, nothing else.

Debit Card is much better as one can spend only that much one has in Bank a/c……………and thus will not oberspend…

If one borrows one should pay….

A very able counsel can help you come out of the mess as already explained above.