HDFC + ICICI Settlment

[cardbhai]

A reader asks in his e-mail,

I have two queries to be answered.
 

1. I took a personal loan from HDFC bank for Rs. 75,000, which has to be paid in 36 EMIs and i gave 30 cheque leaves when i took that loan, till 30 months i paid that loan on time. However, for the last 6 months i did not update the bank with my current address and i did not pay that amount, which was supposed to be completed in December'2008. However, when the collection agent called me on June'09, i paid 3 emi's out of 6 emi's and the agent cheated me on settlement letter. Now, yesterday i received a call from legal agent asking me to pay the remaining 3 emi's and i agreed for the same. However, with regard to CIBIL, they said that they issue only the full& final settlement letter to me stating no dues from side to the bank and it will take 2-3 months to update my status in CIBIL and they can only update and not delete my name in CIBIL. Is it true? please suggest me a good solution at the earliest.

Yes everybody's name including mine is there in CIBIL. The only difference will be the STATUS of the LOAN Details Check out here

http://www.dalalstreet.biz/forum/india-credit-cards/settlement-of-icici-credit-card/msg410/#msg410

You should have asked for Graceful closure of LOAN since you have paid for 30 months out of 36 months. If I am not mistaken, I had advised you earlier to directly negotiate the bank. Hiding in the caves won't help. Go face your banker and negotiate since you don't have any laws to be protected by RBI.


 

2. II had a icici bank credit card with an outstanding of 52000 in the month of January, since then i have been demanding a settlement from ICICI bank guys. However, after 5 months now ICICI bank guys have come up for a settlement for the same 52000 amount. I have been using this card for the past 3 years and i had done 2 major transactions of balance transfer for 40000 and 15000. however i had paid MAD for the past three years. Last month one collection agent promised a settlement and i issued a cheque to him, however, as promised he never issued settlement letter to me so i made a stop payment request to my bank. Now the bank has moved my status from bucket 5 to bucket 2 and reduced the total outstanding from Rs. 68,000+ to Rs. 58,000+ as it was in bucket 2 status. Now, i am asking them to provide me a settlement discount of 25% from 58,000+ but they are asking me to pay 52,000+ (my principal amount according to them)

You should read this on why banks don't like to SETTLE http://credit.cardbhai.com/2010/06/cibil-defaulters-clean-history-why-not.html
Depending on your AGE and Status decide. My opinion will be to sit with the bankers and work out a modest plan favoring them and have a clean credit history - Short TErm Pain, Long Term Gain. Else for the next 7 years [Minimum, it can be greater than that] don't think of LOANS if they Report Written off / Default on your credit report.

 

I lost my job last july and now am in another job which i got it in January'2010 and now i received cash through my old company PF settlement, with the help of it i want to close my debts and apart from these 2 (HDFC bank personal loan & ICICI Credit card) i dont have any loans as i already converted my citibank credit card into EMI option.
 
 
Please advise at the earliest. Please please
 

Good Luck. Make sure you preserve DOCUMENTARY evidence of all negotiations / correspondence.

[cardbhai]

He Further e-mails,

Today i visited HDFC office and made a payment of Rs. 600 as they said it will take time for them to get approval to get the settlement letter, so they asked me to pay remaining Rs. 5000 once the letter is ready. However, my total EMI's pending are 8364, but with all the penalties it has come to Rs. 16,000 + and they agreed a settlement for Rs. 5,600 (2 EMIs coz according to me i have only 2 EMIs left not three) where i paid Rs. 600 today. They said they can issue a letter stating no dues from my side to HDFC Bank, but he is saying in CIBIL report my name will be cleared but in Satyam it will be there as a defaulter as i am not paying the entire amount. Can you clarify the same? According to RBI guidelines once the bank agrees for a settlement amount the account is closed right. Please tell me what i have to do as i am planning to take a home loan after 1 year.

No negotiate for CLEAN Report in CIBIL, No Default , No Written OFF, Just "BLANK" and Account Closed Remark. In one of the First Posts I have explained in Detail How the Cibil report looks like and also on cardbhai.com

According to RBI, these are the only approved Credit Information Companies - http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=20539 So Satyam is out of Question.

[prabhatg21]

Hi,
     I setteld my stan&Chart credit card dues with the bank some 2 yrs ago. Now when i asked bank abt how can i get my name cleared from cibil then they directed me to a nother company(SHaha finlease Mumbai). When I mailed SHaha finlease about this then they called me and told me to pay 15000. I said i'll talk to bank and verify n then you call. THey never called then. I contacted them again and now they r telling me to pay 54000. As per them the discount which i had taked 2 years ago is having interest also. WHats shud i do?
Thanks,
Prabhat

[sunil]

Dude, go and get your credit history first. If everything is good, then you should not worry. Else, fight with the full and final settlement you have made.

Best.