hdfc card settlement guidance URGENT PLZ HELP ME

[card_blues]

sorry for late reply, well yes i am expecting some money from another source which is due to me and hopefully should come to me maybe in next2 to 4 months,right now just keeping fingers crossed and hope the grievence office has a solution to my problem..thanks gain

[lucknlucky86]

Okay great. Things would be perfect then. Talk to them first n c what happens. Must get help at the soonest..

[card_blues]

Today i spoke to the grievence cell officer, one lady called Rajni spoke to me.She said i had 2 options here to close the acount.The first being i pay 16k out of the 42k outstanding which would bring my outstanding below 26k thousand ,as 26k thousand is my credit limit, after this they can make an EMI plan for the rest of the amount ,but i shall have to pay interest on that again.After this wheni mentioned if i cant pay that and if i could have a wavier for a settlement she said that, that is looked after their billing department and she would arrange a call for Settlement and took my number and said she would revert back on that.Fingers crossed for now let me see what happens.
thanks all for ur help,do give ur inputs to help me get out of this mess

[lucknlucky86]

Hey! That sounds great dear. Wait for the call as they promised.

[card_blues]

Today the dispute took another turn agin, really makes me wonder what they r upto.I was waiting for the call from the bank after speakin to miss Rajni, and out of the blue mr.Krishna(collection department says from HDfc) who has first offered settlement, then yesterday went back on his word, TODAY AGAIN COMES BACK WITH THE 30K OFFER AND 4 INSTALLMENTS INSTEAD OF 2. I told him that im not going to pay anything unless i get a Settlement letter ON the banks letter head and insisted for a  CLEAN CREDIT HISTORY, i dont trust him though but he said his officer wil call me back.After a while one MR.CHETAN gave me a call and said they have a approval for settlement for 30600 and 4 installments but my name will be put in CIBIL.he says the only way i can have a clean credit history is to clear the entire amount.He is not even ready to reduce the amount further in case i am ready for a one short payment.I said i know cases wher people were given a clean chit, but he says some 3 banks do so but not HDFC as its a indian bank.What do ido now plz advice,i told him i will get back to him

[lucknlucky86]

As I earlier mentioned in one part of my conversation, that's how they react. They also might assure you right now but you never know when your next loan application is turned down because of the bank not removing your name as a defaulter. Try if you further take the negotiation between 35-37 and also get your name removed. BUT all this has to be in written. If this does not work out then paying them 25 k at one go and then as per the normal billed amount would be the option. Make sure you try to increase your saving n try to pay more than minimum & on the rest 17k the minimum due would not be that high. You'll be saving 5k out of 30k for any urgency and then also making a payment of more than 2k per month(& still saving 500-1000). Must help. 42 looks and sounds bulk since nothing has been paid by you as if now. You could also do a balance transfer on a different card if you have, that will help you getting rid of finance charge for at least 3 months.(Frequent offer with credit card companies)

[card_blues]

Dear lucky, so are you suggesting that i pay 25k now in one shot and then pay the rest 17k in installments. I dont think they are ready if i say 35k in one shot and wave the balance as even in that they will not leave my name out of cibil. The only way for a clean sheet now looks like i pay 25k and the balance in  emi for whichthey said 1.5 % interest in charged wher as right now im paying close to 3.5 %. Well i have recived their calls twice anyway but have kept him on hold till now,just checking their patience now but i guess ill decide by monday or so as if i delay the amount will jump up by one more installment.wil update u and post if i need further hels.thanks for all ur effort and time

[lucknlucky86]

yeah, that's what I meant. 25k at one go and then rest in installments. That would be helpful both financially and would also make you feel better since it doesn't sound like a HUGE amount. You would also be keeping 5k in reserve and then adding 2500-3000k/month as your saving which would more than enough to pay the 17K, if you pay more than minimum. Rest is your call. What i'm more focused on is your name being removed from CBIL. That means ALOT.