not settling the accounts

[divye_gold]

sir,as per your advise i have asked my lending bankers to issue me a letter for settlement of my creditcard/loan account but i think the collection agencies come in between and persue to deposit some amount and then they will get the settlement letter next month from the bank. they initially pose as calling from bank though i went to hdfc bank and requested them to settle my credit card as well as my loan amount telling them about my financial conditions and my long history with the bank but they insisted me on paying some amount and then getting gthe settlement letter. please guide me what to do now and what legal action they can take as though in good faith i want to clear my account. i have some ecs bounced also? pls advise regards

[cardbhai]

What is this excuse of Collection agencies you are giving me ? Be Bold and DEMAND things.

1. Give a letter to the bank in writing for settlement. Give them just 15 days, on the photocopy of the letter get acknowledgment. Warn them in the letter that failing to resolve the issue, you will appeal with the Banking Ombudsman and mark a copy to RBI Ombudsman.

2. If the bank asks to pay some amount, go ahead and pay in the bank via a/c payee cheque only favoring your credit card account. But with that attach the letter as well.

3. You should know that your credit history will be damaged if you have "SETTLED" and not paid in full.

Best