A Reader Asks,
I want to get NOC from two different banks because i couldn’t pay back the loan amount because of some financial issues. Now since am back in job i want to end up paying them their minimum dues & resolve this cibil issue
Pls guide me what is the best method available as i gets call from these bank but i thinks call made are from recovery cell and not from banks
I really wanna know if i pay them their dues would my name be cleared from cibil as i have heard from close acquaintances that if bank agrees on said amount you pay them they deduct the amount taken from the total amount and rest still reflects in cibil report
Regards
Dhananjay
1. Good, go ahead for the Settlement.
2. Their are Two Options a> Pay everything in FULL and you will have a CLEAN Chit in CIBIL Report & Other Credit Reports as well
b> Settle for something , say Original Amount + Lesser Interest Penalty, your account will reflect as "Settled"
3. I'm assuming say if my Total Due is Rs 100,000 and take home salary is now say Rs 35,000. I will negotiate with the bank in such a way that CLEAN CLOSURE for Credit Cards [No Settlement] and Convert the existing Balance into Personal Loan so that my installments would be fixed at say no more than Rs 10,000 a month and in that WAY, you will re-establish certain BAD PAYMENT Record With Good Payment Record and Score increases.
Browse through the Forum Posts at the beginning to understand what each of the terms mean. -
http://www.dalalstreet.biz/forum/cibil-credit-report-score/understanding-the-summary-of-accounts/Also do not forget to follow the Final Steps for Settlement
http://www.cardbhai.com/2009/01/credit-default-final-settlement-steps.html
