Settlement of ICICI Credit Card

[karnik_sachin@rediffmail.]

Dear Cardbhai

In continutaion of my discussion earlier,  i would require your help on following issue:-

ICICI has offered one time payment offer of INR 2400/- after which they will Zero in my credit card account. The total outstanding as per the statement is INR 10600/-. [ They are offering this settlement as i had dispute the late payment charges and paid all outstanding dues in FY 2008, then i had changed my residence and i was not getting statement in this regards. When i came to knew about the outstanding it was around INR 4000/-. They kept leveaing late payment and Interest and the amount now is INR 10600/-. They have also reported me as defaulter in CIBIL)

They are in process of making the settlement letter and i have mentioned that my name should be cleared from CIBIL. They replied saying that
"We wish to state that CIBIL [Credit Information Bureau (India) Limited]  is an informative database of all customers having any kind of financial liabilities (past/current and good/bad) with all the financial
institutions. This database is updated by all the financial institutions on a periodic basis (60 days) with regards to the payment track of customer.
Hence, the customers name are never deleted but are updated on a periodic basis in the database."

My question is :-
1. Do i am on right track?
2. They will accept one time payment of INR 2400/- but how will they adjust the account?
    a) They can either "write off" the amount, which will have negative impact on my CIBIL report which will affect me for 7 years
    b) They can reverse the late payment and Interest charges and show the account as "no outstanding"

What care i need to take? Please advice

[cardbhai]

CIBIL Information can only be updated and cannot be deleted.

I am not sure how will they adjust the amount. ICICI Card Issue seems to be of 18 months or so now, right ? By now they must have been updating in CIBIL as SUB  - Sub  Standard Or DBT - Doubtful Or LSS  - Loss ? What is the Day Past Due Asset Classification Status in your CIBIL Report, kindly inform.

Interpreting CIBIL Status Message - Status: <Blank> in the report means no negative remark. If it indicates any of the following,

Suit filed, Willful default, Suit filed (Willful Default), Written off, Suit filed and written off, Willful default and written off, and Suit filed (willful default) and written off.

, then It is BAD / Negative.

It is a Matter to debate on what the Bank can report to CIBIL when negotiations for settlement are on between consumer and the bank - What are the RBI regulations. I will write to the RBI and seek information, but by then it will be late for you.

Since you are going for settlement, I don't think it is a Write Off, simply they may update the Account Closed Date. [I am not sure]

Do answer the above question on Status. Thanks.

[karnik_sachin@rediffmail.]

Hi

Checked up the cibil report, the status in all loan is Blank. Nothing has been specified

In ICICI credit card, Days pas due is 133. Anyway's i have been able to settle with them, they have reversed all the amount and scan me the statement. They have also emailed saying that there is no due outstanding.

Thanks for all the help it has been great learning.