Legal Question in Credit and Debt Law in India
I am ravindra kolhe , i had a HDFC creadit card , i had pay all installment regu. , but now am not in a situation to pay remaining balance. Now i got e-mail from hdfc bank they said that if am not going to pay remaining amount , " we shall be forced to share your default details with RBI or any other databases maintained by various Credit Rating Agencies.". So pls. help me what am do ? or if i am found in a default list what effect will happen.
Thank You,
2 Answers from Attorneys
(a) default may spoil your credit rating thereby debar you from loans etc in future;
(b) the bank may initiate recovery proceedings which may increase your burden further.
try to settle the account as soon as possible on priority basis.
When any persn applies for credit facility with any bank/Financial Institution, his/her credit history with other institutions is referred through these credit rating agencies.
The report of credit rating agency is considered suggestive in nature and to accept/reject the loan application is discretionary for the bank/FI approached for availing the loan.
It is better to get the dues settled for a reasonable amount and to get No Dues Certificate for records.
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