Credit Card Issues

[mmmjgm]

sushrutha,

You signed on a credit card application form, the charges according to RBI are supposed to be mentioned on it. In fact they are written on it.

Please ask for a copy of the acquisition form (the one you sign on)

Else your name goes onto the CIBIL records, (like credit report) banks, financial institutions will then deny you credit if they know you have a default.

Better to be twice sure than told on the phone. Do you know after a year which agency called you ?

I say the above from experience.
the only option you have is filing a fraudulent practise claims against the vendor who solicited you for the card & send that to the RBI.

Once you get the solicitation or application form from HSBC you will then get the clear picture.

cheers
M M

Ps if you wish talk to me, PM me, ill guide you through this

[sushrutha]

@mmmjgm
Thanks for the help, Surely will contact you if I need any help

[PAVAN KADAM]

Nice thread,

I similarly have problem with Citibank, have been using their CC for almost 6 yrs now.

One final day in October 2007 i get fed up of this monthly bill paying thing and with an outstanding of Rs 80k, and not been using the card since 8 months i ring them and ask for closure of the card., simple.

They persuade me to keep using the card as i am an old customer.

I abstain and say nothing doing kindly send me an outstanding letter for closure and go ahead and close the card since i am anyways not using the card.

Citi officers kept calling me and telling that there no way they can close the account without me giving all those extra interests they are charging me month on month.

I persisted that since i am a good customer i must get the privilege of having the card closed without any extra charges. No one replies and they hang up.

I call the citiphone again next month Nov 2007, Rahul hears my plea an says will get back to me in a weeks time.

December 2007- no one calls me, i make calls to them, none answered.

January 2008- I dont bother to call them

February 2008- they make desperate calls to get some payment,on the pretext of closing my card. i do an online transaction of Rs 10000/- and make the payment hoping the person will help close my card after this.

March 2008- i again get a statement with an outstanding of Rs 1.25
lacs ( 30k as interest charged)

April 2008- i stand firm and send them a letter stating i need to close the card or else i'll go legally, no news from anyone.

May-2008- Calls from collection agent asking for payment, i reply saying CLOSURE. He was adamant so was i.

June 2008- Finally George and Rahul call up and say we'll help you close the card but it'll be Rs 1.35 lacs as against my Oct outstanding of Rs 85k. I dont entertain this and give them one sounding over the phone, they hang up.

July 2008- Rahul again calls up without any concrete solution, George calls up, again not ready to close, Sneha calls and asks me to visit their Bangalore office, which i do and not find anyone there to help.

Finally one Mr Prakash calls me (cool dude) says i've got the letter for closure kindly make a payment of 9k and i'll hand the letter, i say no crap hand over the letter and let me work over it and conclude.

Till now nothing is sorted out.

I want to put an end to this ASAP.

[Technocrat]

Pavan: How much was the expense(incurred by you) on which the interest was being charged?

[NetfreakBombay]

This "settlement" stays on your CIBIL profile for quite some time ( 7 years I guess ).

Not saying that you should pay the wholw amount bank is asking for, but keep in mind that bank will report that as "write off" to CIBIL.

Only matters if you are planning to take a home loan in next few years.

[mobike008]

A quick query, for this month my HDFC credit card bill was Rs.8K and due date was July 22nd. I usually drop a check atleast a couple of weeks before due date and date on cheque would be the due date.

And, during the course of time, i sometimes forget if i really dropped a cheque 2 weeks ago. So i call the call center a couple of days before due date and ask if my payment cheque was received by them. I receive a reply in negative, so i immediately drop another cheque of 8K.

I just checked my bank account and see 2 amounts of 8k each were withindrawn on the same day ( July 22) with cheque numbers in sequence.

So can i safely assume the additional 8K will be credited back to my account or should i call to let them know they have to credit it back?

[Shakensoul]

I don't think that they will credit the 8k to your bank account, but it'll show up as a credit on your card. But you never know, if you call them and try some arm twisting tactics, they might refund you the 8k.

[NetfreakBombay]

Both will be credited in your credit card account. Money is safe.

You can either forget about it, you wont have to pay credit card bill at all till it reaches 8k.

Or you can fight with them to issue a draft of 8k (its a pain).

[Technocrat]

Call them up & inform them & also ask what will be the procedure, in most cases they would keep it in your account & adjust against next month's payment.

[bblost]

Originally Posted by PAVAN KADAM

Finally one Mr Prakash calls me (cool dude) says i've got the letter for closure kindly make a payment of 9k and i'll hand the letter, i say no crap hand over the letter and let me work over it and conclude.
Do you mean 9k or 90k.

I have been lucky with most of my cards till date.
They include hsbc, icici and sbi.

The ony gripe is with the SBI website that is mostly down.

And mobike its fine no issues.
I suggest you leave the 8k in the Credit card account itself.
It will not earn any interest or anything
However please note that suppose you have expenses over 8k and have a total outstanding of 9k.
You will need to pay only 1k.
But will have to pay it or the minimum outstanding.
You cannot say that I paid you 8k extra last month.
Each bill is a separate entity and needs to be cleared accordingly.
As far as I know its not adjusted against the bill payment but as a Credit from the last billing cycle.

[mobike008]

Thanks for your response guys. I reckon i will let it lie in the account as my credit card bill ( on 2-3 cards) each month is always in excess of 30K , so i can adjust in next month.

Btw, i have a record of sorts, since using a credit card ( 1998), i have always cleared the full amount for each month. So minimum amount due holds no value to me. Probably, i am one of their bad customers, where they cannot fleece any interest

[bblost]

I try to do the same.
Leave no balance on the card but its difficult to manage my gross habits with my net income.

[NetfreakBombay]

Originally Posted by mobike008

i have a record of sorts, since using a credit card ( 1998), i have always cleared the full amount for each month.....i am one of their bad customers

Same here. Do you also get a privilege of getting all sorts of sales calls for Insurance + Balance transfer from card company.

Had to fight real hard to get them to stop such calls. Turned out since they were not making any money from me, they were trying to sell other "products".

[mmmjgm]

any notation on your Cibil record stays on for 3 years. Not for 7 as stated.

The "settlement" amount or amount which you actually paid against what you owed to teh financial institution will go onto your cibil report stating that the bank/institution took a hit of the amount you did not pay.

This sounds gloomy but then thats the way it is. Banks do not educate their customers and DSAs and DSTs are penalised for not meeting their sales targets.

cheers
M M

[prabhusati]

Originally Posted by mobike008

A quick query, for this month my HDFC credit card bill was Rs.8K and due date was July 22nd. I usually drop a check atleast a couple of weeks before due date and date on cheque would be the due date.

And, during the course of time, i sometimes forget if i really dropped a cheque 2 weeks ago. So i call the call center a couple of days before due date and ask if my payment cheque was received by them. I receive a reply in negative, so i immediately drop another cheque of 8K.

I just checked my bank account and see 2 amounts of 8k each were withindrawn on the same day ( July 22) with cheque numbers in sequence.

So can i safely assume the additional 8K will be credited back to my account or should i call to let them know they have to credit it back?

Your money is safe. It will be shown as credit in your next credit card statement. Till you spend that amount, your statement will be showing a credit. I am not sure (i dont think they will) if they will pay you back.