full-final-settlement-credit-card

A reader of our Advisory Services had paid the full outstanding on his StanChart Credit Card following the steps listed on Credit Card Full and Final Settlement in India. Yet there is deficiency of services from StanChart’s end and he writes about his woes seeking help [80114]

I was using Standard Chartered bank credit card till year 2008. Bank applied multiple charges and fees and so i decided to close this card. I had word with bank and bank asked me to pay INR 30,000 and assured me that nothing was due on me. They also issues me a letter saying that “Card is closed and nothing is due to me”. Now in 2013 i came to know that bank has updated

Read moreStanChart Credit Card Settled – CIBIL Not Updated

In the past few days, we have been receiving various queries on credit card defaults and delayed payments which has taken the payment obligation of the borrower to few Lakh rupees. If you are in the same situation as these guys are, here is what you have to do.

Update on 23-12-2009
Many complained that the Banks were unwilling to lend an ear to your settlement offers. So the first step now should be to contact BCSBI who will counsel you on how to get out of this debt trap.

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