GOING FOR SETTLEMENT OF HDFC CREDIT CARD
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BANK OFFERING A SETTLEMENT OF 2.30 LAKHS
SHALL I GO FOR IT OR NOT opinion needed
@manas2913167
22g kya final kiya aapne?what is ur credit score?
I have been meaning to ask, ye 22g kya hai?
An idea can change your life.
But no idea will work when you have too much debt.
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VU+, too many lessons in this thread which no one should ignore
one of the most epic threads in dd
not a big fan of credit cards
but wanted to say 2 cents settle peacefully , you never know when you will require money for house , hospitilisation or any emergency then you will face serious issues for high rates or even settling down abroad they take your whole history
…very common thing now….happens with all things postpaid…broadband bill , electricity bill etc..
…usually settlement happens around 50% of the principal amount…in this case i guess 1.4 lakhs….
I think they feel that if they get 2.4 lakhs they can lend it to someone else and earn interest. Here there is slim chance that all the interest will come back. Also what generally happens is with banks is they sell their debt.
So the OP could be dealing with a third party. They buy the debt for cheap.
So if total bad debt of a bank is 100 crores. Bank has spent enough money and they know they cannot recover the money then they sell the 100 crores to third party. They bargain and based on the risk assessment they may buy it for less anywhere from 20% to 90%.
So if the buy it for 60% then if they recover just 90% Of the loan they are still in 30% profit. When it goes to third party then you should never bother paying back cause they can only harrass you and recover the money. What happens is if they buy 100 crores for 60 crores and they recover 80 crores by harrassment then they stop wasting time on the rest who have not paid. because in that 80 crores they recovered many will take the 20% discount and do a settlement to avoid the harrasment. This could include looking up your facebook account for relatives and then calling them and telling them that their name is put as guarantee on your loan and if you don’t pay they will will have to pay it or get arrested.
This generally does the trick because relatives are idiots and they start fighting “Why did you put me as guarantor” even if you explain to them that if they have not signed on any document they cannot be a guarantor.
They dont’ get it and if it is like a brother in law or father in law then you are screwed.
Sometimes they get your boss. But if you have understanding relatives or smart friends who will tell them to F off then it works and you can get away without paying a dime but your CIBIL score will be affected forever.
bhai yeh kya ho rha hai i thought police bhejte honge fir hoti hogi and sab dav pe laga ke bech ke paisa lete honge, is this true how can bank make 50k loss??
It can happen that way too. But for a small amount like 2.5 lakh(from bank’s perspective) filing criminal/civil cases will cost a lot more and employee hours spent so they judged it to not be worth it. If its big amount, they will come at you hard.
@manas2913167 So.. have you paid anything or still waiting for offers?
offers
He will again take it seriously bro XD
Cibil is overrated
Loans and credit card are duly given upon banking relationship
Just look for legal implication and chill
Collection agent if mishandling you ,do complain in police without delay
Ye sub kahani wahani pe ki ye ho jayega wo jayega pe dhyan mat do bhai
Good advice from someone who has never defaulted on a loan to someone who has also never defaulted on a loan.
TN: jiske oopar gujarti hai wo he sabse achha bata sakta hai.
Update? @manas2913167
Why would you not pay back the spend you made unless you have financial issues or genuinely want to skim off the bank. I am assuming the former. In that case, whatever bank wants to settle, you should agree and take that offer. If you are unable to pay in 1 go, see if they agree to pay in instalments, else try for a personal loan and pay off the card. But make sure you dont repeat the mistake of not paying the personal loan itself in time.
Those "friends" who are giving genius ideas of heckling with the bank are just cheap shots. They will fled at first sign of trouble. Ask them to contribute some funds so that you can pay back and see what happens.
All the trouble of sleepless nights is not worth over even lacs or crores. See what happened to Mallya and Choski. Even if they have millions, they are just hiding and are not free to do what they want. Just pay back and feel good about the freedom that comes with it.
I think collection agents made OP disappeared from face of earth .
Gone baby gone .
@Baaap @phoenix1386 @caks2006407 @Seinfeld @rak007 @guest_999 You guys made him disappear from DD
If u have money then give it in full
else if u are in really worst condition and decided to settle then try to settle after WRITEOFF IN 10℅ to 15℅ OF TOTAL OUTSTANDING AND IF SETTLEMENT IS DONE ON PRINCIPAL AMT THEN IT SHOULD BE max upto
15 ℅-20℅ of total principal amt.. Don't give more than that if they deny then try to settle it in vintage for discount
For more info watch kunal kumar tutorial on youtube
kitne tejaswi log hai hamare pass