Credit Cards - Charging More and More Intrests without intimation?

Question

I have a credit card ending but i had few balance of 42000 left to be paid in march 2015 which i cleared with min balance paying 32000, remaining 10000 person said he can wave off since i had no job during that time, after this i was under the impression that no balance was left in my card, but unfortunately when i check bill last week i was shocked to see the remaining balance as 18000 has added the interest and late payment for remainig 10000 also but why did the person said me that it will be waved off ? and now they have charged me without my knowledge. This is not acceptable

 

Answer 1

Dear Paresh

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 query / complaint / grievance in respect of financial services.  This site does not belong to any Bank or a Regulator, which may please be noted.

If the amount of Rs.32000/- was paid to the bank as a full and final payment of your credit card dues under proper acknowledgement, probably as a onetime settlement, the demand now for payment of Rs.18000/- is very arbitrary.  However, just on the verbal statement of the recovery agent that the balance of Rs.10000/- would be waived, then you are under obligation to pay the remaining balance too with the late fee and interest, as per the terms & conditions.  Still, you may again take it up with the credit card recovery team of the respective bank for waiver of the balance with other charges, given your understanding and the assurance supposedly given earlier.  If you are holding some waiver / settlement offered to you by the bank, you are on a very strong footing.

However, if you want to take it up with Bank's management / Banking Ombudsman for redressal of your grievance, you may ensure the following process.

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

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)

RAJA