settlement with HSBC

[Nisha]

i held HSBC credit card somewhere in 2004 -2005. I had a credit limit of 30000. Initially i did pay the bills till 2006 but since i had a lot of expenses could not make payments. Now when i got the cibil report i came to knw that an amount o Rs. 2 lakhs is appearing as written off. I am getting calls for settlement and initially they offered me 29600. Now they say if i make cash payment of 17600 they will settle the account. How much should i rely on these guys. They are calling my office and harassing everyone around thats why i need to stop this Pls suggest what should be done.

[Nisha]

can someone pls reply on this i have paid them the settlement amount also the letter stated that i recieved thier statements which i never recieved so i have signed the letter stating i have not recieved any statement since 2006

[cardbhai]

1. Always Settle With the Bank and not with collection agent.

2. Go negotiate with the Bank and ask them for a deal. Their are two things in this again,
2.a - Account Closed - Full and final Settlement Done at less than 2 Lakh - CIBIL Report Status will not change - You will continue to be known as Defaulter.
2.b - Account Closed - Full and final Settlement - Rs 2 Lakh Paid. CIBIL Report Status will change. [DEMAND for it, if you want to Pay 2 Lakh]

The thing is you have neglected for 4 long years, so it is difficult to establish Good Faith of Payment from your end when you appeal. Depending on your situation and further Loan Requirements, go ahead with whatever settlement that best suits you.