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Posted On :- 03/07/2007
 
Question Asked :-  
 
I had made purchases on my credit card to an extent of about Rs. 30,000. Every month I would get a call from the bank to clear the minimum amount due which would be around Rs. 1, 000 odd. I would get my credit card statement only the next day after I applied pressure on them for the statement. On one of the months, my credit statement read that I owe Rs 46, 000 to the bank even though my purchases were less than Rs. 30, 000. So after a lot talking with the bank, I settled the balance with a discount from the bank. Now the bank has put me in the black list. I am not getting any new credit cards or loans. How do I get out of the defaulters list? I am ready to pay extra to the bank to get me out of this list. This happened a year ago.  
 
Answer :-  
 
Most consumers do not realize that a settlement with the bank does not absolve them of the fact that they have not paid what was contractually due from them. Hence they are surprised when the bank reports them as a defaulter to the credit bureau and they are unable to get any fresh credit cards or loans as a result of that. Nothing you do now can erase the fact that you did not pay the contractual amount due to the bank. The best option for you now is to try and obtain secured credit (such as a fixed deposit based credit card issued by ICICI Bank Credit Cards) and slowly rebuild your credit profile.  
 

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