Recent Banking Credit, Transfer, Loan and Mutual Funds Questions

asked Nov 10, 2015 in Credit Card by G Kundra

This is regarding my credit card, due to my bad financial condition I have not been able to pay my outstanding balance since March 2015.Because of this my outstanding amount of around 130000-140000 has gone up to more than 250000. I have always intended to pay my card dues but have not been able to do, so I have offered the bank settlement which they have refused as I don't have money to pay them. has been threatening me almost every 4-5 days calling up my relatives as well which is against the bank guidelines. Kindly help in this matter.

1 Answer

answered Nov 10, 2015 by Raja

Dear Kundra

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.

I think, it is against the general ethics that you availed credit on your card, but do not want to pay. Also, I don't think, against your liability of Rs.1.4 lac, the outstanding can not be Rs.2.5 lac, which seems extremely on high side. Notwithstanding, you should approach the credit card recovery team of the issuing bank for a onetime settlement, wherein you would be required to payoff the entire amount of credit availed by you and probably with waiver of certain late fee charges and reduction in the rate of interest. You may also take it up with the bank management / BO, as per the process given hereunder.

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