Write off status in CIBIL report

POSTED BY Haresh G ON April 11, 2013 9:45 pm COMMENTS (13)

 

Hi Manish,

I am avid user of your site and gain good knowledge on several financial products like Insurance, cards and banks. I am writing this question to you as I am more concerned no one could clear it here. 

I had a personal loan from HSBC in 2004 and it was closed in 2009. During the tenure, I am not aware that one of month’s EMI was not cleared. When I got my CIBIL report last year for the first time, I came to know that this loan has reported Write-off status. I went to the bank and then immediately paid my due and received closure letter. 

Now when I am in need of emergency cash, I have applied for personal loan at 2 different banks. Both of them rejected saying that “Write off” is the reason. 

My questions are:

Now since I closed the loan, will the write off status be cleared by HSBC?

If I received the closure letter last month, when can I expect the update be sent to CIBIL from HSBC?

If I could trace that its not due to my problem that the EMI was missed, shall I ask the bank to clear the Write off status sooner?

Answering these questions would really help me avoid such stupid mistakes from the banks which are now affecting me heavily in my life. 

Regards,

Haresh.

13 replies on this article “Write off status in CIBIL report”

  1. Dear Haresh, you are always welcome.

    thanks

    Ashal

  2. Haresh G says:

    Sure Ashal! I will post the update and the whole hurdles I went through. After all Financial markets are not like what I thought after all… 🙂

    Thank you so much for your advice.

  3. Dear Haresh, we ‘ll wait for your update on the issue for PL.

    thanks

    Ashal

  4. Haresh G says:

    Thats right. This month end is the last date of my relationship with that bank. I am sure at the time of closing they will be ready to do anything…. Lesson to be learnt for this 8 years..

  5. Dear Haresh, then contatcing other banks is your only hope. by the way, if ICICI bank is not considering your pren. client status for loan, why are you continuing with it?

    thanks

    Ashal

  6. Haresh G says:

    Nothing to account for.

  7. Dear Haresh, are you having some investments which can be either liquidated or at least you can avail loan against such investments/assets?

    Thanks

    Ashal

  8. Haresh G says:

    Dear Ashal! I am not sure they would consider it. They talk about policy of 6 months to reapply and also in this previous case, bank told that ICICI cannot process due to this issue even I am a Privilege Banking customer (which are not helpful when help is actually needed).

  9. Dear Haresh, as this HSBC issue is resolved now, please contact ICICI again with your closure report from HSBC & check ‘ll they budge from original position?

    Thanks

    Ashal

  10. Haresh G says:

    With ICICI. But without knowing about this HSBC issue, I applied for PL at ICICI last month and it got rejected.

  11. Dear Haresh, with which bank, you are maintaining your salary account?

    Thanks

    Ashal

  12. Haresh G says:

    Thanks for the reply Ashal.

    I just extracted fresh copy of my CIBIL report and see that HSBC has already updated Closure Date, Current Balance and Written off status to current. Only thing that is shown as black mark is the DPD. From 06-11 till 01-13, it is showing as 180. From 02-13 it is 000.

    This would be seen as negative by financial institutions now. In this case, can I approach bank, for ex, Citibank to consider me for Personal loan keeping other loans and cards as track record?

    Current score is showing as 615. With this HSBC update, I guess score can improve based on repayment schedule in future.

    – Haresh.

  13. Dear Haresh, as you have now paid back the original due amount with all the penalty & closure letter with you, instead of waiting for auto removal of ‘write off’ status, please file a dispute with CIBIL for the same entry & on your behalf, CIBIL ‘ll do the needful & ‘ll resolve the issue earlier than the normal course & you ‘ll be able to get the PL, you are asking for.

    Till the removal of this bad entry, please do not apply for a PL. Instead of applying PL with any bank, you should opt the bank where you are having salary account. The salary account relationship ‘ll turn the things in your favor.

    Thanks

    Ashal

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