Settlment Info - Citibank Credit Card

[kinoworld]

Hi,

I had a credit card loan of 4Lac for 12months with EMI fo 37k.

I paid 5EMIs and since i was getting married i asked bank to restructure the loan. They did give me for Rs.210000 (out of pending Rs.262000) and rest into outstanding as during discussion EMI statement was released. I contacted bank for taking this into consideration. Please used to call me to pay the outstanding (enven though i have paying the EMIs of new on of Rs.6644).Then their customer service sent me a mail to provide my income proof. i Sent alongwith my wife details.

They provided me restructure plan for 9300 for 30months. But when i confirmed they again sent me mail saying this cannot be offered. Then they started calling me as courier company to fetch personal details.  I stopped payment in January and  I wrote all these to Customer Service and told then i will file a case in consumer court.

I finally sent Legal notice from International Consumer Rights Protection Council (ICRPC). They gave me vague amount to pay.

Finally i decided to file a case in consumer court. Legal notice was sent to them.

They called me and negotiated and finally i made a Payment of Rs.80,000 for a Final Settlement.

The letter states as below :
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In View of Exceptional Circumstances as explained by you, we confirm the offer of Structured Payment Plan of Rs.80,000/- in 01 monthly installments(s) via Cash or Payment instrument payable to Citibank NA. On the appropriation of this payment the above mentioned card accounts stand(s) settled in full and final and no further dues would be payable to Citibank NA.

Also, note that this is one time Structured Payment plan being offered to you and does not set any precedent.

We also assure that your name pertaining to the above mentioned credit cards would be updated accordingly in the database shared by us with CIBIL or other databases (as applicable) on successful completion of this plan. Hence we urge you to ensure timely and successful completion of this payment plan.

Further note that all legal cases pending against this account shall be withdrwan after recieving the payment as per this Structured Payment Plan.
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This letter was given to me stating before making payment. I have made the payment today and the Manager has confirmed stating he has recieved.

I also also wrote a mail by attaching payment details as :

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As discussed, I have made the payment for my Card no. xxxx of Rs.80,000.

As informed to you, I was getting “Invalid Account Status” and as per your suggestion, I have Ordered DD Online which is addressed to you. Please find the attached Payment details (DD Details towards today’s – 21.06.2010 date).

As mentioned by you in our discussion, I understand that there will be no further charges or any payment related issues related to my card and also any CIBIL related scores will be updated which will not affect towards my any Future Banking Related Transactions.

I would like you to issue – A Letter stating that the Payment has been made and all the issues has been resolved.

On 24.06.2010, During my next Hearing, I will take back my complaint (No.XXX) from Consumer Court due to these developments and Resolution.

Finally, I would request you, to take care of Customer(s) Issues raise as and when it occurs so that we do not stretch too long & it helps both parties. It was appreciable from your end for Timely Resolving this issue, otherwise I would have followed with my complaint.
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Now, question is :

1. Should i ask for a letter for completion letter again?
2. Is this enough to ensure my CIBIL status updated?
3. What should i specify in Consumer Court during my next hearing?
4. Should i write to BCSBI stating this?

Kindly help me. I am looking for a housing loan now and really looking for completely clearing my name.

Thanks and Rgds,
Kino

[cardbhai]

1. Yes
2. No. Get your CIBIL Report and See what's going on. You can get it rectified
3. Get it from the Court as well that you have not defaulted and settled and the Bank has no right to play with your credit history
4. BCSBI is before paying, not relevant in your case since you have already paid in full.

Thanks

[kinoworld]

Hi Cardbhai..

very urgent tommorrow i have my hearing.

what does this mean :
1. Should i ask for a letter for completion letter again?
Yes - I asked him, he said DD reciept is sufficient as a NOC certificate was provided to me before the payment mentioning all details.

3. Get it from the Court as well that you have not defaulted and settled and the Bank has no right to play with your credit history

I will take all the documents to court regarding payment details and letter given by citibank. What should i say now?

please help.

Thanks a lot for your help!

[cardbhai]

No DD Receipt is not Sufficient. Get a Latter from the bank about Final Settlement being done with related CC A/C No or Loan A/C No with Names of the persons who have cleared the Loan.

Regarding Court depends on what is being filed. All I said was, request the court to order in such a way that your credit history is not messed up.. You can say, I pray to the Honorable Court to direct the bank to issue letter for so and so....

[kinoworld]

Hi CardBhai,

Yup thanks..

I have mentioned the same to Honorable Court today. They asked me to give a letter stating the same.
They have given me a Order date next month starting.


Meanwhile i got a mail from citibank customer care as :-

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With regard to your specific concern on CIBIL reporting, we wish to state that Citibank may tie up with credit bureaus authorized by the RBI and will share credit information as per the Credit Information Companies (Regulation) Act, 2005. The credit bureau only provide factual credit information and do not provide any opinion, indication or comment pertaining to whether credit should or should not be granted.
 
We would like to inform you that CIBIL is not a negative bureau.  The card repayment records of all customers go to CIBIL irrespective of their performance and the same is highlighted on CIBIL as it is a stautory requirement. Hence, details regarding your card accounts were also shared with CIBIL. Further, CIBIL will have the history of the account such as card taken, delinquent status etc . 
 
Please be informed that, Credit Information Bureau of India Ltd., (CIBIL) is an initiative based on RBI's guidelines and all banks are required to share their customer information with them. Banks are not authorized to delete or remove a customer's record completely.
 
Essentially, the details that will be shared with CIBIL would be the credit limit assignment and the payment pattern of a customer and the information will not be of transaction details. We request you to visit CIBIL website at www.cibil.com for further information.
 
Once your card account gets zeroised, we shall update your card account as Settled - Post Write-Off with CIBIL.
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Kindly help me how should i proceed?


Thanks and Rgds,
Kino