Credit Card Default

[NRG]

Hello,
I need some advice. I last used my HSBC card in Apr 2005 before I left for US. My mistake - I paid partially and defaulted on 5000/-. They could not communicate with me and I did not close the account. When I came back, 6.5 yrs later, I found the due is 160K and CIBIL status "write off".
Question#1: I want to settle but bank offered 110K as settlement, which is still too high for me. What is the bottom I can negotiate with them?
Question#2: What should I negotiate on for documentation when I am looking for a home loan?
Question#3: Is there a time when the bank stops this counter? I wonder what I would do if I came back a few years later.

Thanks,
NRG

[komal]

1. If Original Amount is Rs 5000 after 7 Years I wouldn't pay more than Rs 25,000 - So Negotiate.
2. No don't tell them you are desperately looking for a Home Loan etc They will stick firm and not move an inch.
3. Follow CardBhai's Full and Final Settlement Advise. In your case ask for change in CIBIL Status to  "Settled" from "Written Off" and demand this as a part of Settlement Offer.

Best