Legal Question in Credit and Debt Law in India

Since last two years I am going through a very very bad financial situtation. But I have tried to pay off the credit card dues and the loans. I have settled for a ABN card one year ago for 60K, in two installments. I have the settlement letter. But unfortunately I could not pay the entire amount and I could hardly paid around 15K. The collection agent advised me that paid regularly till 60K and in the last amount he will settle this. As I do not have any other option, I paid everymonth and I have paid 60K in next 10 months. In the last bill I paid, the collection agent wrote full and final payment. After that I have never received statment from the bank. However, after 4 months one agent turned up to me and said that I have to pay 40K for this card.
Please suggest
The same situation is with ICICI bank, and the collection agents are harassing day by day. I have already paid more than what I have taken on credit. But still the outstanding amount increased as they are charging interest and alls. Now I am not in a way to pay all these. I have tried to call them and settle, but no body hears. I have complained this to bank but bank says there is no settlement offered in this card. I was threatened by the agent and this was reported to the bank as well as banking ombudsman. Bank has written me a letter that their agent can not do this. I want to settle all these and live peacefully. Please help

Asked on 8/14/11, 6:57 pm

3 Answers from Attorneys

Santosh Goswami,Advocate sure shot legal

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Dear client you have already paid the principal amount. There is no need to pay further.Your name may have been sent to CIBIL by now. So, any settlement must be on the principal amount only.Against the recovery agent you can lodge an FIR in police station. You have lots of way.

919555462995

Answered on 8/15/11, 2:57 am

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RAJIV GUPTA (Cell: +91 9811284735) [email protected]

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see a lawyer and he would send the legal notice to the banks asking them to settle the matter amicably otherwise you may approach the consumer forum or civil court.

Answered on 8/15/11, 7:21 am

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