HSBC Settlement

[rajamsc2003]

Hello Sir,

I have a HSBC Credit card by 2009, used by my friend and cheated, with outstanding of 43 and paid several minimum dues. Not i want to close the same. Suggest me to clear this. I haven;t received any reply from Bank, but GM Finance try to calling me. suggest how to close this.
Earlier in Aug 2010 i received a letter from GM finance stating my Total outstanding as 93k. But not that much i can pay.

Thanks in advance!

[cardbhai]

There are number of options available.

1. Tell them You were in problem and ask for Settlement Plan. For example, Rs 10,000 * 10 Installments and they should give you a Good Credit Rating [ No defaults, No Settled, etc] Just Account Paid and Closed as the remark Read
http://www.dalalstreet.biz/forum/cibil-credit-report-score/understanding-accounts-enquiries/

2. Borrow money from parents, relatives etc for the settlement and get rid of this as soon as possible

3. Sell you CAR, Property etc and Settle the Loan immediately.

4. Long Approach http://www.cardbhai.com/2009/12/how-to-settle-credit-loan-defaults.html

5. Earlier they would convert it to Personal Loan but not sure if they will do it now.

Go talk to them and tell them, You'd like to pay and ask for available options.

In future, Use Credit Wisely!!

Best,
CardBhai