Settlement of HDFC CC

[suresh]

Hi,

I am suresh. I got HDFC cc on 2008 and my credit limit was 10,000. I was paying regularly but in 2010 i lost job and missed to pay dues nearly for 8 months. After that i started paying regularly. Sir, from 2008 as of today i have paid more than 1 lakh rupees and all the amount went as intrest, outstanding, over limit etc and now my o/s bal is 57,000rs. I am not able to pay that amount and want to settle my account. I called bank and they told if you want to settle you have to pay 46,000 which i am not able to pay. I tried to negotiate but they are not accepting. Please help me my salary is 9,500 and i have to pay school fees of my son. already i have paid more than 1 lakh rs for just 10,000 rs. please help me how much i can negotiate. approx how much balance should i pay. if they not agree what should i do as next step. recovery agents are coming to my home for collections. the only way left for me is to suicide. please help me in this case, our family will be helpful to you life time. please respond ASAP. please.

[suresh]

many of my friends are telling go as per legal then you will get more discount. Is that true. if i want to go legally shoul i contact lawyer, what will be the fees and with in how many days this issue will be resolved. If i go legal even then recovery agents come to my home or what becoz i don't want my family to know this matter as my father is heart patient. please suggest me. Please help me what should i do?

[cardbhai]

1. First Lodge a complaint with the Police stating that HDFC is Sending Collection Agents which is il-legal according to RBI Regulations http://www.rbi.org.in/scripts/BS_ViewMasCirculardetails.aspx?id=8087 [Read Section 5]

2. Appeal your case with the HDFC Banking Ombudsman and see what amount he is willing to SETTLE.

3. Lawyer can seldom be of any help in this regard. If you can prove that your original sum was only Rs 10,000 and on that you have paid Rs 1,00,000 already, then I will FIGHT for you with RBI, but I need all documents. Send me an e-mail to feedback @ cardbhai dot com

4. You can also choose to just ignore all demands for payment if at all you don't have any money at all and this will be reported as WILLFUL DEFAULT. You can start rebuilding your history back when you have money by taking secured credit card.

[suresh]

Thank you sir. Sir what documents should i forward. Cai i get my statements from bank and forward to you. I Want to know whether bank people send my statements to mail id. Sir apart frm that what else needed.

[cardbhai]

Send me an e-mail with your Phone Number and I will tell you what all documents need to be sent.

Thanks.

[suresh]

Hi,

I called cust care and requested for credit card statement from 2008 but they are telling we can provide only 6 months statement. i visited branch and they told to go to head office hence i forwarded mail to grivence, still i din't get any response from them. what should i do now. sir my bill generation date is 3rd dec, should i pay any amount because when ever i pay 3,000 or 4,000 its going towards only intrest and other charges but not single paise is going for principal. one of my friend told not to pay this month so that you can save some money for settlement ( if HDFC comes forward for settlement). should i pay or what sir. please help me in this issue please.

[cardbhai]

1. If you can prove by documents in some way that for Rs 10,000 you have already paid Rs 1 Lakh, I will take your case with RBI.

2. If you do not have documentary evidence, you cannot blame the bank for your negligence on preserving the statements as old as 6 to 7 years.

3. Negotiate with the Bank and try to pay it in full, else you can just forget the whole matter and the Card will be Written OFF in your Credit History.