Vinoth S (Business) 26 April 2014

Unable to pay the credit card bills.

Hi everyone,

I have an HDFC credit card which I'm using it for the past 6yrs with proper on time payments, but right now I'm unemployed and not able to pay the dues for the past 2 months and the dues keep piling up. Not sure when i can be back to normal life. So thought of closing the card and come out of it. Do not have a lakh to close the outstanding amount.

The total outstanding amount right now is Rs. 1,08,000. Wanted to know what is the procedure to do the one time settlement legally.

Spoke to a lawyer here in chennai, he said that I will have to pay an amount of Rs. 15,000 to close the card and that will be final settlement and the bank will give the NOC and i will not be disturbed henceforth.

So please advice me what should i do further.

Regards,

Vinoth S

Reply Follow

2 Replies

Sudhir Kumar, Advocate (Advocate) 26 April 2014

you have to pay.

Kumar Doab (FIN) 06 May 2014

Settlement is also an adverse entry in credit history.

If you can negotiate to obtain declaration from local BM atleast but preferably from BM-CC div. Chennai under original seal and signature clearly stating that there shall be no red flags/adverse entry etc............lowering your credit rating and the settlement shall not affect your loan taking ability and all lenders shall not charge high interest for borrowings by you then nothing like it. Ask the bank to supply the CIBIL credit report showing name of the member : M/s HDFC Bank.

Give it a due thought and close the matter as suitable to you.

Do not forget to NDC/NOC and a copy of CIBIL report under proper seal and signature of the bank.