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6 responses to “Credit Card Payment Calculator”
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Hi..i have a SBI card and last 1 year i am paying minimum amount regularly, my credit limit was 25000/- (Now its 39000 unpaid amount)and because of some wrong billing i dint pay this amount and still requesting them to clear it out the issue so i can complete the payment for the same, last one year they are not giving me any answer for the same and i am paying their interest amount regularly, they put me in defolder list .what i have to do ? i want to pay entire amount with interest and this statment i am using last 1 year to the SBI but dont want to clear anything. how to remove my name from defolder list..? kindly help
A Credit Card is normally an unsecured credit given by bank to you, meaning the bank has not created any security interest (like mortgage, collateral etc) should you fail to pay up their dues. The bank can take the following actions;
1) Report your name to the Credit Bureau of India Ltd (CIBIL) which maintains a list of defaulters. This ensures that you do not get another credit card or loan from other banks in the future. It also damages your credit rating for future credit.
2) File a civil suit for recovering its dues from you. This is made in the local civil court. These cases go on for several years, and the outcome could be that the court orders you to pay up the dues in which case you will now be legally bound to pay up.
3) If you have any assets with the bank whose credit card you hold, it may attach those assets as lien to recover its dues.
4) Some banks could also file criminal charges on you under section 406/420 cheating of IPC.
Quoting from Credit Default – Final Settlement Steps, How to
Talk to the bank who issued the card and negotiate hard. Tell them you would like to pay off in good faith and ask for concession, yes put all your negotiation skills to work here. Once you both settle on some amount these are the steps you MUST follow
Get a letter from the bank in which they mention “Final Settlement of Outstanding dues” with your complete name, address and credit card number on which you have defaulted
Make your payment by CROSSED CHEQUE only
As soon as the payment is done, close this credit card account by giving writing instructions saying w.r.t Final Settlement, I have cleared all the dues and want this account to be closed. [Keep a proof of closing this account, say banker stamps on the second copy of the letter or send it by registered A.D]
Preserve all this documentation for the next 5 years, atleast.
Chances are the your name will be in the CIBIL defaulters list, give time of 6 months before you apply for another loan so that the bank clears your name off defaulters list.
Work and Plan your finances well before you opt for any other form of credit – card, personal Loan, auto loan etc
Next time when you apply for any kind of credit, if your name is still in the defaulters list, then you have every right to know on which account you have defaulted. If this is the same as the credit card account on which you have defaulted, then all those documents of Final Settlement, crossed Cheque payment will come in handy here. Attach attested photocopies and try to get your name cleared off the defaulters list. Don’t submit the originals you have.
Yes this is a painful process, but you have no choice.
You can also read How to Settle Credit / Loan Defaults India ? – Rush to BCSBI
Please remember by settling for a lesser amount, the account will be marked as written off That would affect your credit history and it would be difficult to get another loan. So try to close the account (preferably by paying full amount) and not repeat it.
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