Dear Sir,
I am Rocky from Delhi & would like to present my issues to you. I used to own 3 Credit cards between 2005 – 2007. I always paid my payments (Due & Full) in time, but then came a time in my life where I couldn’t pay my bills & became a defaulter. Now today, I am a bit better financially & wanted to settle these dues. All my 3 cards had an outstanding of 18000 (Average) at the time of default. Now after all these years, these dues have inflated into lacs (interest).
As of now I been contacted by two banks (One private sector & one public sector) for settlement, in which the private bank has agreed to settle it in Rs. 10200/-, which is ok for me. They have told me that they\’ll give me a clearance certificate on Bank\’s letterhead, which I can confirm with the Bank. Is it ok or do I need to ask them for any other thing?
Now the main issue is with the public sector bank (SBI). My card limit was only 20000 when I stopped using my card, & today when they call me up, they tell me that your limit was 50000, which is incorrect. I am ready to pay for my actual spend, Approx. 15k but they are asking for 50000 for the settlement or else they will file a legal case against me with the CIBIL amount of 1.3 lacs approx. As far as I have heard, In case of a Credit Card default the bank cannot go legal against you (being an Unsecured Loan).
What are the possibilities of getting a clearance without any legal implications if any? I agree & understand that I have made a mistake but I am not financially sound in order to pay such a huge amount, that too when I haven\’t even used it that much. I am a middle class man with a limited income & am supporting two families at this point.
This kind of torture by collection people (SBI CIBIL DEPT) is not right according to me. Please advise if I can take a tough stand against them by telling them that I cannot pay more than 15k? Can they take a legal stand against me or not? I am very serious & want to pay the debts off but I have a certain limit. Please help & advise?