loan default

[neha]

Hi,
I had taken a loan from Centurion Bank in April 2007 for 1 lac. after that unfortunately due to my health concerns I was not working and defaulted on EMI's, then in December I got call from collection agency and we agreed for settlement of 75000, after that I didn't get any calls from them. Then the news came that Centurion is taken over by HDFC Bank. I tried to contact them for settlement but was not able to get thru anyone. In Sept 2008 I got a call again for the default loan and since then I am regularly paying the EMI's thru cash. Now they have offered me a settlement of 25k to 30k, how should I go about it? I want to buy a house, when do you think I should apply for home loan in case I settle my loan? Please help me as I am planning to get married by Dec 2010 and want to clear this dues before that?

[cardbhai]

1. Get Full and Final Settlement Letter from HDFC Bank with your Loan Number on the Letter.
2. Why are you paying the EMIs by cash ? Preserve all the Counterfoils of the Challan proving your cash payment.
3. Make the Full and Final Settlement Payment by means of a Crossed Cheque
4. 30 days after the Final Payment, get your CIBIL Credit Report and see how it looks like.
5. Since Credit Report is Confidential to be uploaded here, you can e-mail the same to feedback AT cardbhai Dot Com, only then I can tell you about chances for your Home Loan.

Best.