Legal Question in Credit and Debt Law in India

I s. kumar having a credit card of SBI Credit card account with a limit of Rs.62000/- and with that card I used an amount of Rs. 51000/- and I paid an amount of Rs.1876/- & Rs.3533/- after that due to my financial issues I was not able to pay the balance and the same was came to settlement for Rs.45000/- with 3 months EMI basis with in the 3 months time I had paid total Rs.35000/- and balance Rs.10000/- I was not able to pay again due to my financial crisis.

now again when iam ready to pay the balance amount, they are not accepting and informed me that my account got resettled and to pay again Rs.44000/-.

please help me out from this issue.


Asked on 4/01/14, 4:07 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

01.04.2014

Dear Kumar,

When the bank agreed for a one time settlement of Rs. 45,000/- you should have repaid it off in one stroke and immediately discontinued and closed your card. Assuming that you have stopped using the SBI Credit Card all together from the date you agreed on a one time settlement, you should go and sort out the matter with State Bank of India stating that you are liable to pay only Rs. 10,000/- plus accumulated interest thereon not exceeding 21% per annum. You should ensure that each and every thing you discuss with SBI is in writing, and likewise obtain all correspondence from SBI in writing.

Regards,

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Answered on 4/01/14, 4:53 am


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