Can bank block amount invested in Mutual Funds

[ashishthakur78]

Dear Card Bhai,


I have an old outstanding towards UTI Bank credit Card which converted to Axis bank. I have done settlement with bank but the last installment cheque was never presented by Axis bank in my bank so the settlement became null and void. I tried contacting Axis Bank many times but they were not showing any interest in either settling or giving me status of my card. I started investing in UTI Mutual funds some time back. I want to know can the bank block the amount invested by me in mutual funds to recover their dues.

[cardbhai]

NO they can't block your amount in UTI Mutual Fund. However, you are a financial literate, so my only suggestion is to tie that loose end on your credit report by negotiation and move on to build a better credit history.

[ashishthakur78]

Dear Cardbhai,

Thanks for your reply. This is the only credit card that has not been settled by me. Still trying for it.

Dear Cardbhai, Does placing fixed deposits in bank, investing in mutual funds, getting prepaid credit card and using bank account heavily (say 10-12 transactions a day) (I do lots of online air ticketing for my Company) will help to increase by credit history. As per you what are the other methods to increase credit history.


Dont intend to take another loan for 5-6 years but will work to increase my credit record.


Thanks


Ashish