Legal Question in Credit and Debt Law in India

Dear Advocate,

Could you please extend your advice regarding my below issue;

I had a credit card issued by State Bank of India and got into dispute in March, 2008. I had an outstanding balance of Rs. 14,000/- and we landed to a mutual settlement of Rs. 7500.00 approx. As advised by the bank employee, I gave three post dated cheques of equal amount.

Unfortunately, my two post dated cheques were dishonoured and I tried to contact the concerned executive in vain. Later, in the month of July 2008 I got another call from the bank asking me to make the cash payment immediately since two of my cheques were dishonoured. She asked me to pay only 4000/- as full and final payment in lieu of the dishonoured cheques. Subsequently I make the cash payment to the collection agent in the month of July.

Now after approximately 4 years, I got another call from the bank that I have an outstanding amount of Rs. 48,000/- approx and still they are asking Rs. 8,000/- as full and final payment to settle the account. I stated the fact to the executive and she refused to reveal her identity and an advocate has sent a legal notice for the payment of outstanding amount of Rs. 48,000/-. They are also stating the settlement of March has become null & void since two cheques were dishounoured. When I asked if it had become null & void, you should have informed me and I would have paid made the any late fee and any other charges to settle the dues. But they did not have any answer.

Could you please advice me an effective way to resolve the issue?

Sagar

New Delhi

India

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