“Written Off” Status vs “SETTLED” vs “NULL”

POSTED BY venkat kh ON July 30, 2013 4:28 am COMMENTS (2)

Hello Manish,

I recently found out that I had some pending balance from my credit card in 2005. It got exponentially added up and I recently found it when I ordered a CIBIL report. The status was showing as “Written Off” for a balance of 49000rs. I read through your forum and got to know that if we negotiate the money, they would mark as “Settled” which is also not a good thing on the report.

So, I went to the bank and asked for clear status on CIBIL which is not “Written Off” or “Settled”. Then they said they would do a “Null with Nil Dues” if I pay 14000rs as final payment.

Now am confused as, I heard that if we negotiate money they would do “Settled” but now this bank is saying that they will do “NULL” should I suspect something? or its a common practice? Also I am assuming “NULL” status is a all clear status.

Please advice.

2 replies on this article ““Written Off” Status vs “SETTLED” vs “NULL””

  1. praveen p says:

    Hi sir I have a small doubt, there is a credit card on my name which was taken without my knowledge by one of my cousin who used to work with Barclays Credit Card Company at that time& he was also a freelancer for some other banks. So at that time (2008) I signed few personal loan forms with him & which I took it for my personal purpose, but I was not aware that I also signed a form which was for Barclays Credit card and which was used by my cousin. All this matter came to lime light recently only when I re applied for credit card & home loan, both got rejected because of poor credit score (573), we had a big fight in our family, finally he agreed to return the actual amount of the credit card which was Rs.23000 at that time, but now in my cibil report it showing as Rs.44000 amount due. Now it’s my headache to clear my cibil report, so I’m ready to pay remaining amount due from my pocket. Now the problem is that Barclays CC company got shut down. When I google it I came to know that they have sold all the accounts to a 3rd party collections & the name of the company is PHOENIX ARC (which belongs to kotek Mahindra bank). Now in my cibil report 1st PAGE showing as-

    MEMBERN NAME- PHOENIX ARC, DATE OPENED- 22-01-2008, CREDIT LIMIT-Rs,23,000, CURRENT BALANCE- Rs,44,604, AMOUNT OVER DUE- Rs,44,604. STATUS- NO SUIT FILED ACCOUNT PURCHASED.

    ON 2ND PAGE MEMBERN NAME- BARCLAYS BANK, DATE OPENED- 22-01-2008, CREDIT LIMIT-Rs,23,000,CURRENT BALANCE- Rs,0, AMOUNT OVER DUE- Rs,0. STATUS- WRITTEN OFF & ACCOUNT SOLD. BUT Both the account numbers are different.
    Are they different accounts or both are one account, bit confused about it. now when I am ready to pay off the balance, what precautions I need to take before making the payment and what documents should I ask them in written that there is no due with them. I also came to know that if there is written off or suit filed I won’t be eligible to get a loan, is that true? If it’s true then what letter should I ask them to keep my cibil report clean & what letter should i ask them to remove that word written off or suit filed. if both the account’s (Barclays and PHOENIX ARC) are one account, what should i ask them to make the account zero amount due & remove the word witten off & suit filed. Please help me because recently one person approached me that he would clear the cibil report & also help me in settling the credit card amount for lesser amount, for which he also took Rs,5,000 as advance to pay the lawyer fee. It seems i’m getting cheated in every step. Kindly please help no one there to guide me.

  2. Banks do this as final and full settlement . Take a written letter with them that its a final thing and your status will not be “settled” , but it will actually be cleared ! .

    Once they give it to you , make the payment

    Manish

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today