A Reader Writes,
Dear Sir,
I 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 aa 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. howver i had paid MAD for the past three years. Tell me for which amount i can accept as settlement as the total outstanding now is 65000+.
Kindly reply ASAP.
Thansk & Regards,
Balaji S
Settlement Offered:
My Total Outstanding : 65000+
Principal Amount (according to ICICI): 52000+
Settlement amount: 52000+ i.e 10920 as one time charge rest as EMI for 24 months
Dear Balaji:
For 52,000 Actuals, they are asking you to pay Rs 52,000[2166.67 in 24 installments] + an upfront of Rs 10,920. Its a good deal in my opinion. However, the most important thing you need to ask here on RECORD is they won't report the A/C to CIBIL as DEFAULT or Written OFF. It should be left blank in your credit report. For more information, read this -
http://www.dalalstreet.biz/forum/india-credit-cards/settlement-of-icici-credit-card/According to RBI Regulations, their is too much power in the hands of Banks and they can KILL your credit worthiness. Thus, the only option left will be to softly and intelligently negotiate with the banks.
Best Wishes.
