Re : for Card Settlement Urgent

[sumit]

Hi Card Bhai,
 
  Need a help from ur side i hv HDFC credit card 4 which i hv defauled in payment eight months back hv an outstanding of Rs .2,64,500 which they hv commited to settel on Rs. 2,00,000 demanding Ist installment of Rs .40000 which i hv given but after that not received any letter from bank side so with hold further payment so my card was blocked, mean while my card balance crepped up to Rs .3,00,000 now currently being offered a settlement for Rs .100,000 payable in 2 instalment and also offering a Amicable Settlement letter now what measure should i take ,as i also hold my saving A/c with HDFC bank which is also going through mutual fund SIP ,
 pl help on what should i demand from HDFC towards my Payment & also for future requriment for loans....

[cardbhai]

Hi,

1. How did they commit to settle ? Verbally ? Why didn't you get a letter i writing ? Even if you had gotten one, the real problem is you have to PAY in full to have a GOOD Credit Record. Go through the CardBhai.com tips on settling credit card and you will know how to settle

2. You are making it evident to them that you have money in  Savings Bank A/C and Mutual Funds and don't want to settle their dues, which creditor will leave you ?

My suggestion is first read the posts think twice on is it OK to settle [pay partly of the actual amount you owe] or Pay in Full maybe 2 years down the line you will need a Housing Loan etc.

Best

[sumit]

Dear Sir ,

         On demand i hv been fwd an sample settlement letter from the Bank ,Sir pl review its content
It States:
1. An Amicable Settlement with settlement amount , tenure of payment & mode of payment on HDFC cardit card division letter but not mentioned Full & Final Settlement.
2. It also mentioned that Settlement terms r in addition of card member aggrement
3. The letter dully have My Name ,Address ,Card Details & Employe Code

   pl assit is it ok or shld i ask for anything else ,how to check settlement letter accuracy sir.

[cardbhai]

In addition to the points you have mentioned, negotiate that the Account Should be Closed in Good Standing and No "Written Off", Bad Debt or any other negative remark be reported to Credit Rating agencies Operating under the purview of RBI in India.

Best