ICICI Bank Settlement issue

[coollucky61]

Hi,

2 years and 4 months ago I use to have ICICI bank credit, whose outstanding amount is Rs.44000/- with interest.In april 2011 I tried speaking to collection agents regarding settlement and asked them to offer me EMI option however they declined saying we can only offer settlement in maximum 2 EMI's. They offered me the settlement on my principal amount of Rs.26000/-

Looking at my financial condition I was not able to pay in 2 EMI's, I asked them to offer me 5 EMI's which they declined. So I left the topic as it is. Now they have again started calling me and I said the same thing again but this time the collection agent was very rude. I told him them I will be going to bank directly on friday and check things.

Please advice whether

1. The bank can offer me the 5 EMI's or not?
2. What actions can I take against the collection agent who spoke to me very rudley. Can I file a case of harrasment?
3. Whom should I speak to in the bank?
4. If I settled the account with the complete outstanding principal, what remark will be left on CIBIL repot?

Hope to hear from you soon.

Regards

Lucky

[cardbhai]

1. Bank has the right to Offer or Reject EMI Deal.

2. Yes file a case against Collection Agent. [Refer RBI Master Cricrular for the same]

3. Go for Written Correspondence with Bank's Ombudsman

4. If you just pay the Principal without interest it will be marked as Written OFF or SETTLED [if bank offers settlement on Principal]
However, we suggest you pay Principal + Interest for Clean History.

Read http://credit.cardbhai.com/2009/01/credit-default-final-settlement-steps.html and other posts on the forum to get an idea on how to settle for clean History.

Try converting this as a Personal Loan in SBI or some other Bank.