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.