I had a credit card from a nationalised bank with a limit of Rs 50,000. Last year, I made purchases of Rs 10,000. However, I forgot my card in the shop. Two hours later when I realised this, I called up the bank and blocked the card. I also confirmed it with the bank’s call centre later. When I received the statement after a few days, I was shocked to see a bill of Rs 72,000.I filed a complaint, wrote letters to the bank and our correspondence continued for nine months. Finally, the bank asked me to pay Rs 12,000 and settle the issue. I paid the amount the same day and obtained a letter from the bank. Three months later, I received a notice from the bank asking me to pay Rs 69,000 or face legal action. I have been writing letters to the bank for the last four months, but they have not responded favourably.
As far as your case is concerned, the matter stands completely closed since the bank has given it to you in writing that the amount of Rs 12,000 is towards full and final settlement of the dues. You may once again approach the nodal officer of the bank clarifying the position.
Please do send a photo copy of the letter given to you by the bank on the issue of full and final settlement. If there is no satisfactory action from the bank within 30 days, you can file a complaint with the banking ombudsman. Full details about the scheme and the prescribed format for lodging the claim are available at www.bankingombudsman.rbi.org.in.
I am a software engineer working with a multi-national company for the last four years. Due to the downturn, I lost my job and had to join another company at half the salary. However, I have liabilities, which include a home loan, three personal loans (Rs 5 lakh) and credit card bills (Rs 50,000). While I am regularly paying the minimum amount towards credit cards payment and equated monthly instalment (EMI) of my home loan, I have been defaulting on the payment of Rs 13,000 as EMI for personal loans. Kindly advice how can I meet my personal loan commitments?
From the information available, it is important for you to get rid of the credit card debt because it is the costliest. Annual interest rate on credit cards range between 42 per cent and 49.36 per cent, resulting in the multiplication of the debt much faster. If it is difficult to pay the entire amount at one go, approach the banker to convert it into a personal loan that can be paid through EMIs. Also, for the personal loan, approach the banker with a proposal to reschedule the instalments indicating the amount that you will be able to pay every month. This should be helpful.
I am an executive in a reputed company in Mumbai. I had approached a nationalised bank last month for a housing loan, where I was told that my credit rating was bad due to earlier defaults. On enquiring with my previous bank, I was told that it was regarding my credit card dues settled two years back. In spite of an error on their part, the bank has not responded till now to my repeated mails.
Including the name of a person in the loan defaulter’s list, despite bills being settled amounts to ‘unfair trade practice’. You may write to your previous banker clarifying the position and asking them to report the correct position and get your name deleted from the list. You can ask for a copy of the Credit Information Bureau (India) (CIBIL) report from your banker, which is now available after paying a fee of Rs 50 or you can now access your credit information report (CIR) directly from CIBIL on payment of Rs 142 by DD payable at Mumbai favouring Credit Information Bureau (India) Limited. If you do not get a satisfactory reply from your banker within 30 days, you can file a complaint with the banking ombudsman or you can approach consumer redressal forum.
Vinod Kulkarni is chief counsellor of Abhay Credit Counselling Services.
Send your queries at yourmoney@bsmail.in
