credit card settlement request

[chandu]

Hi Cardbhai

I opened a credit card with an MNC bank in 2002. Until 2003, I paid everything in full but ran into card debt amounting to close to 50-60K. In 2003, I came abroad. I wanted to pay back loan and asked the bank the method - but they had no way to take payments from foreign countries. Meanwhile, I ran into financial problems and missed on my payment.

Because I moved from India, I didn't get my statements and my online account was frozen after 5-6 months - so couldn't see statements.I used to get email alerts on payments. A couple of times, I got mails from the bank asking me to contact them. When I replied, and called them, I asked them for statements so I can do a settlement based on actual amount owed. However, whenever I requested statement from the bank, they never got back to me again.

It had completely forgotten about this account until recently when I got another mail from the bank asking me to settle or else they may pursue civil or criminal action. I was shocked when I saw the total amount was above 10 lakhs. I am completely at a loss as to what to do. I wrote back asking for statement again but have not heard back yet.

What is the best course of action to pursue. I don't have that kind of money to pay and really want to settle and forever leave this bad event behind. However, I don't know what options are available to me.

Some other facts - I didn't have a PAN card at that time, so the issuer doesn't have my PAN number. My address has also changed. This makes me difficult to trace - but I am not intending malice and just want to settle my debt safely. I don't know if this situation gives me any unique position to negotiate?

Pls advise if there are any decent options available to me to settle. What is the amount that I can potentially negotiate?

Thank you
Chandu

[cardbhai]

1. I just don't understand how come you folks can be so careless about payments. Couldn't you get any of your family members touch base with the bank ?

2. Well first get your credit report from CIBIL and see what's in it there ?

3. For payments to Citibank, you have two choices - Approach BCSBI [Read details on CardBhai.Com] or Negotiate Directly. But in my opinion they may not be willing to settle anything less than Rs 2 Lakh now.

4. Since Citibank was careless enough not to collect your PAN Card, make the best use of it now [However, other banks also share data with your name and address matching, so they might already have you in database, that's why get your credit report first].

5. Hoping the best for you, negotiate with the bank and in the address use some other TRUSTWORTHY address so that you receive all the postal mails there. Don't disclose your Legal Address which comes with Proof to Citibank in this context and make sure you will never deal with Citibank in Future.

5. For full and final Settlement, make payment with a crossed Cheque given by your Parents / Sister / Brother but not from your own account, so that you have Proof of Payment but de-linked from your new bank A/C, which may have PAN Number.

Hope you are getting my point here.

CardBhai.