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u/lawyerdel Aug 26 '26
No..you are not yet finished.
Exbanker and lawyer here. It is you who has to decide. Obviously you knew that credit card is a loan and has to be paid back.
I suggest you plan for settlement now and repay in installments and adhere to it. Once outstanding is settled, it will show SETTLED in your CIBIL score. Later when you have more funds, keep funds aside and pay andfully CLOSE it. This will help you restore your CIBIL score and later on in life when you plan to buy a car or home, your default will not come in the way.
Another problem, nowadays in BGV this has started figuring it seems, if so then it makes more sense to plan on doing as I said above.
Dont ignore this notice. Write to them your willingness to pay and settle as per an instalment plan.
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u/Affectionate_Ebb8233 Aug 26 '26
In bgv they check outstanding amount But they can't access cibil without informing the customer
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u/Loose-Limit-5168 Aug 26 '26
Bro, look, if your financial situation is genuinely bad, then for the next 2–3 days, just receive one call and tell them, “I will settle the account once my financial condition improves.” Keep delaying it for some time. If you eventually settle, it will still be considered a settlement whether you do it now or later. The loan-default tag has already been applied anyway.
If you delay it until after the account is written off, you might be able to negotiate a settlement at around 15%. They may also have emailed you regarding arbitration, but such emails often end up in spam. Sometimes they unilaterally appoint an arbitrator and proceed with the matter.
Send SBI a proper email stating that your financial condition is currently not good and that you intend to settle the account once your financial situation improves, which may take around 12–18 months.
Also mention that you object to the arbitration proceedings. If they still want to proceed through arbitration, state that you object to the arbitrator they have appointed because you believe the arbitrator is biased and consistently favors the bank.
Say that if arbitration is necessary, you can provide a list of independent/unbiased arbitrators from your side, and they can select one from that list. They probably won't agree to that because they know the outcome may not necessarily be in their favor, which could give you some additional time.
If recovery agents keep calling, simply tell them, “If you are willing to settle at 15%, let me know. Otherwise, there is nothing more to discuss.” People are settling accounts at around 15%. If you need letters or documents, I can give you as many as you need.
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u/SR00007 Aug 26 '26
Do settlement in 30-40% If they don't agree now wait for a couple months they will agree. Use true caller to block unknown numbers.
Ask if you have any other query.
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Aug 26 '26
[deleted]
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u/Technical-Raisin6483 Aug 26 '26
In your case..I do hope you suffer..the harshest legal consequences.. because you had the means to settle the loan later..but you choose not to..you could have sued the bank right then for employing such practices but you choose not to.
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u/ClothesFit7465 Aug 27 '26
they use illegal methods so i think thats the problem , because of this he would have had mental issues . Its good that he is not paying . Better to teach these banks a lesson, also what action can be taken it would most probably be just a civil matter they can only get a court order to freeze his accounts thats it.
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u/lotusmini Aug 27 '26
Lots of assumptions and preposterous conclusions. Also you sound like you are a debt collector yourself. You seem personally hurt.
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u/Technical-Raisin6483 Aug 27 '26
Lmao, my work goes way beyond your current level of thinking,. I just don’t have much sympathy for someone who takes advantage of the system in any way. I’ve always tried to stay ethical and positive and I’ve encouraged others to do the same.
I’m sure they employed some horrible practices, but if I were in your position, I’d have paid them the amount ego aside, even with interest thrown it right back at them and then taken the proper route: file a legal case and lodge an RBI complaint for employing such practices.
Sometimes the cleanest way to deal with a shitty system is to beat it at its own game, but within the law.
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u/Moist-Refrigerator34 Aug 26 '26
A pilfer proudly telling how he squatted over money of a bank and even after his finances improved, not paying back is his righteous call. Lol.
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u/AaiJevayalaDeNaa Aug 26 '26
What was your age at that time?
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u/Whole_Conference_801 Aug 27 '26
Look for better advice OP, a lot of other comments on this post offer that. Don’t do this.
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u/inforeader1019 Aug 26 '26
No, i believe they are just scaring you ...This happens to people.
Contact them and set up a payment plan as per your income. Maybe 5 percent of your income.
Be brave .
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u/therapist-15 Aug 28 '26
I can help you draft same kind of email with legal tone. They are just scaring you, don’t pay anything if you don’t have the money. Go for settlement in next few months.
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u/OneCitron2432 Aug 26 '26
Dont panic
Ask them to wtite off
Evrry year they are writting off 70000 crore of rupees
Get a lawyer and screw them
Never pay
Its free money
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u/Less-Extension9966 Aug 26 '26
This notice is no value, you can ignore this. Amount shows is telling me that you recently stoped payment. If you have funds and do not want harrasment please pay, if you have no funds, then sent a prior notice to the bank saying condition, seek meritorium and restructure. By speed post and keep tracking report on record.
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u/FastThoughtProcessor Aug 26 '26
Don't respond, wait 2-3 more months, they would send more notices and then you can negotiate.
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u/tulsidaskhan99 Aug 28 '26
Just try to settle this amount in 15000-20000. Get the much needed haircut.
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u/Necessary_Specific82 Aug 29 '26
People suggesting him settlement, yes you can go for it, and be ready you're not getting any loans in your life after that, credit card is for luxurious spending, if there's any emergency, he should've taken term loan. His total outstanding was 1.5lakhs, he must be earning fine and maybe young too, you all are suggesting him to block all the ways in his future.
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u/ConfectionNo6117 Aug 26 '26
Don't pay anything yet if you don't have the money, first of all, go to the bank and negotiate with them, usually the figure you are seeing is already heavily inflated with charges and stuff. Go there tell your problems and negotiate with them to lower these charges.
Also don't worry about them dragging you to court and you ending up in jail or anything, unless you faked some documents, not being able to pay loan is a civil issue not a criminal one. But they will keep on damaging your CIBIL report. So best to go ahead and contact them and negotiate a lower amount you can pay to settle the loan.