credit card payment default

[ranjiaviator]

Hi

I hav been reading lots of advices and comments on the issue of cards and loan. Its highly informative.

I hav defaulted in payment of credit card some 8 yrs before on my hsbc card and I come to know this now as some agent called me and intimated abt the default. Since then I hav went on thinking and the max I could remember is around 7000 rs pending. I am very much ready to pay the amount but he is asking me to pay 18000 rs. I called up the hsbc bank they informed me that these recoveries r handled by JM financial now. So before I speak to them wanted to know how to go abt it

[chetan]

1. Get a letter with all Card Details, Name etc as "Full & Final Settlement" . Don't forget to mention that the Bank will report the A/C as just closed to credit bureaus.

2. Pay the amount of Rs 18000 it is peanuts when you actually owed them Rs 8000 8 years ago.