Credit Card Issue?

Question

Hi I, R.Ayyappanathan had a credit card from 2009 when i was working in a MNC and earning more than 50K monthly, i had a good transaction with the bank by seeing once they also increase my limit to 1.88L from 94K on 2010. But suddenly i lost my job in Aug 2012 which made me to non payment of credit card on Aug 2014 i got a job with 15K salary this is not even manageable to survive with my family (Father, Mother, Wife, 2 Child) in a rented house. Now they harass me daily from 2013 till date to pay it immediately by sending persons to my house and even to my relatives and friends house. Even they are exceeding by using worst languages, I think you might be knowing how they will treat. on Aug 2015 i asked for statement, in which i came to know i purchased for 4.7L, paid 4.7L and outstanding of 1.3L till Aug 2012 I dont know what to do i asked the agent and explained the details but they are not ready to hear after which they harass me more I know i have to pay some interest but they ask for 3.7L to pay, when i spoke for settlement they ask me to pay 1L within one week pressurize me which i can't I need some assistance for the following 1) I purchased for 4.7L totally from the start, and I have paid 4.7L at the end of the Aug 2012 (when I stopped the payment). what should i do now a) How much i need to pay b) I need time will they provide for me to arrange money since with my present salary i can't pay c) How to stop this harassment now d) What are other details you need

 

Answer 1

Hi Ranganathan,

Credit card dues have to be cleared. Since you are trying for a settlement and the agent is not helping you, please follow the below steps :-

1.    Go to your Bank’s website and search for grievance redressal (or similar name) button and submit your complaint online furnishing the details.

2.    If you do not receive any reply / satisfactory reply within 10 days, lodge your complaint with the Nodal officer of the Bank (either through email or letter)

3.    If you do not receive any reply / satisfactory reply within 10 days from the Nodal officer, lodge your complaint with the Principal Nodal officer of the Bank (either through email or letter)

4.     If you are still not satisfied with the reply / do not receive reply from the Principal Nodal officer within 10 days, lodge your complaint with the Banking Ombudsman (either through letter or email)

Answer 2

Dear Ayyappanathan

At the outset, let me clarify that this site is designed by a group of Senior Banking Professionals to assist Bank Customers at large to provide guidance for resolution of any complain/query/grievance in respect of financial services. This site does not belong to any Bank or a regulator, which may please be noted.

You availed substantial credit on your card.  As per your mail, a credit / outstanding of Rs.1.30 lac was existing in Aug, 2012, which you were supposed to pay.  Over the last 3 years and odd, the unpaid amount seems to have attracted [a] late fee charges for every bill and [b] interest, which is generally high on credit cards.  The only recourse for you is to approach the credit card recovery team of the bank, explain them your present financial status and seek a settlement with some waiver.  Else, the recovery agents of the bank would continue to pressurize / pester (harass) you.  Having availed the credit, you are certainly under obligation to repay the amount to the bank, but given the financial stress, you are in, should personally get in touch with relevant officials and seek a onetime settlement.

RAJA