Legal Question in Banking Law in India
I have a credit card from SCB and stopped it's payment due to several fraudulent transactions. Now my status in CIBIL report is "written off". What does this means ? Does this means that the interest will not accrue anymore ? Will a full payment to bank now will help me get a clear CIBIL status ? Is it still recommended to get the account settled ? Does a "Written off" or a "settled" status means that no lawsuit will be filed by bank ?
Asked on 5/06/14, 6:46 am
1 Answer from Attorneys
Fca Prashant Chavan
Expert Edge LLP
07.05.2014
Dear Sir / Madam,
I envisage "written off" implies that the Bank has written off the recovery of your debt. However, you can get this fact confirmed either from Standard Chartered Bank themselves or by writing to CIBIL seeking a clarification of the status.
Regards,
Answered on 5/06/14, 9:27 pm
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