Legal Question in Credit and Debt Law in India

I am sorry sir, Icici is offering me a settlement at 42k but i can afford to pay only 22k. i am ready to pay 22k in equated installments there has been a fraud on the acct in 2010, A rep from ICICI in 2010 gave my parents only a receipt with a settlement no stating the letter will be issued in few weeks. Later he also came and took 8k cash from parents in 2010 without any receipt since i was not in Bombay i used to stay in Chennai and my parents wanted to settle it out due to harassment they paid him the money and waited back but never heard from the rep. After that there were no phone calls nothing. Today all of sudden that came back stating to pay 89k, 45k is what my principal amount I have been jobless and there has been a huge loss in my business too. Please advise how do i negotiate it . Will i be arrested or how does it happen since they are not ready to except it. I can pay 22k

Please sir, suggest me what to do


Asked on 9/15/13, 12:24 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

15.09.2013

Dear Sir / Madam,

You ought to have a record of charge slips of the total amount spent by you and due on your ICICI Bank Credit Card. You should do a thorough reconciliation of the net outstanding on your card A/c taking into consideration the payments made by your parents on your behalf. Otherwise, you will forever be only guessing what you owe ICICI Bank on your card. You should also check the credentials and authenticity of the ICICI Bank Official who comes and collects the payment from you. Better still, you should personally visit the local Branch of ICICI Bank, make payment and obtain the settlement receipt there and then from them. Nobody refuses money. ICICI Bank are not willing to accept the settlement since you have reduced the settlement amount, and over and above that, you want to pay that amount too in installments. It is for this reason that the bank is not ready to accept it. I suggest that whatever settlement amount you offer, say Rs. 22,000/- you will have to pay it off in one shot.

Police and Court intervention come later only if negotiations for settlement fail.

Regards,

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Answered on 9/15/13, 2:16 am


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