Credit card Complaint?

Question

I had taken credit card in 2012 and have paid all th emi and was told by the collection agency that 15000 is remaining and now i have received a notice from the court to pay 71000

Answer 1

Dear Prem,

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.

While I sympathise with you for the present situation, you cannot deny that you have been responsible for the same. It appears that you were made an offer of settlement by paying Rs.15000/- and you did not accept or failed to take  any further steps to close the matter. 

You must be aware that banks charge exorbitant rate of interest on credit card outstanding. I am sure how the sum of Rs.71000/- has been arrived at would be explicit in the court notice. You still may have a chance to settle the matter out of court. Please approach your bank for a compromise settlement based on which the bank can withdraw the money suit. 

Good luck.

 

Regards

 

J R Mohandas