SETTLEMENT HELP

[dileep212]

Hello Ashish,

Yours is the only discussion which I found worth reading after going through several chains here. Please advice me also for a CC settlement problem. The cause is financial problems and not deliberate non-payment. I have good history with all the banks except one. It is an HSBC card with an outstanding of around 1.4 Lakhs. The principal amount is 92000 and the last payment was made in Feb 2010. Collection agencies kept changing during the last 11 months. One guy even offered me 50% waiver and settle for 60K 4 months back. I was ready to do that and by the time arranged the money and called that same person after a month, he said my case is no longer with them. Since then, some agency has been calling several times and I stopped talking to them as they ask so many irritating questions like "why did you swipe the card so much?" and "how will I arrange the money etc..?" which is none of their business and they should only be interested in when and how much will I pay. They also kept asking for alternate contact numbers and insist that without alternate contact number, settlement cannot happen. Indirectly, the wannabe smart agent became a fool by saying that. I suppose they want to catch me live as I don't stay at the address that they have and not even in the same city anymore.

My question to you is -

Should I wait for the collection agency to change?
Should I wait for some more months?
Should I settle with these third party agents or directly with the bank?
How much waiver approximately can I get at present considering 1.4L oustatnding/ 92K principal?


Thank you very much in advance.

Dileep

[ashishthakur78]

Sorry for late reply. Was again on some assignment for few days. For 92K principal outstanding start from 40K as your settlement amount and increase it to 50K but not more than that. Banks done require alternate contact number to go for a settlement. Visit branch ask for their collection manager and talk to him directly. Try to negotiate with him for a settlement. Just say them that you were out to work with some other company and was out of station and now work as freelancer. So they wont be asking for your permament/ residence number.

[dileep212]

Ashish,

Apologies for the late reply. I did not contact the bank directly as one agency approached me and they got me a settlement letter for 45K. Confirmed with the bank that settlement amount is received and zero outstanding statement will be issued in the 3rd month.

Thanks again,

Dileep

[Sai]

Hi,

I just wanted some advice, I have a personal loan which is going to end in nov 2011 but i am not able to pay the balance installments how should i go about the same to settle the account .as one collection agency told me that he will get the account settled i gave him 40000/- rupees but after three months i started getting calls for payment. what should i do plzzzzzzzzzzzzzz help. Regards
It is icici bank