Legal Question in Credit and Debt Law in India

My name is Venkatesan, I used a credit card few years before which was only 11,000 limit and my card was over due since Jan'13. Now I got a call from a person and They are telling that they are from CIBIL corporation. Please, tell me How can I face them and give me a solution to get out from this problem. Please note my current outstanding amount around 50,000. Please guide me


Asked on 3/17/14, 2:02 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

17.03.2014

Dear Venkatesan,

Failure to settle outstanding dues on your Credit Card affects your CIBIL rating, which in turn poses a problem whenever you wish to take a loan of any nature in future. In case you have discontinued usage of the Credit Card in question, you need to negotiate a settlement with the concerned bank on the overdue outstanding thereon, make a one time settlement of net outstanding as agreed, and obtain a letter that there are no outstanding dues thereon as on date and the Credit Card is discontinued, inoperative and closed thereafter.

Regards,

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Answered on 3/17/14, 2:48 am


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