Legal Question in Banking Law in India

Sir,
I am seeking for an advise on a bank related issue. I had a credit card and I did not made any payment on this card since march 2010 because am unable to do that as I lost my job and my current income is not enough to pay them in full. I have got the letter from the bank that my card has been marked as defaulter on CIBIL. and if am unable to pay the full amount due they will take some legal action against me. However they mentioned at the end of the letter that they are open for final settlement.
Now, here I want to know what legal action they can take and if I made a final settlement with them, then will that effect my CIBIL report?
Please do reply soon. I need your help very badly

Asked on 12/26/10, 4:26 am

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They can file a suit for the amount due against you. If you enter into a settlement iwth them and pay them off, your name can be removed from CIBIL

Answered on 12/27/10, 2:07 am

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