Legal Question in Banking Law in India

I am defaulter of Citi bank credit card. I am not in possession to pay back the loan, Since I lost my job. Bank has put two conditions in front of me. They will settle my account in less amount. However, Citi will update CIBIL database as a defaulter or otherwise pay full amount. If they update CIBIL, In future i won't be able to opt for any kind of loan from any bank in India. In such scenario, what i suppose to do.
If i don't payback the loan. What sort of legal action can be taken from Citi bank.

Asked on 6/29/16, 7:22 am

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1) Even otherwise also they will notify u as defaulter.

2) They will file civil suit and recover from ur assets.

Answered on 6/29/16, 7:47 am

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30.06.2016

Dear Sir / Madam,

You have no other choice but to repay and settle all your outstanding dues otherwise let the law take its own course.

Regards,

Answered on 6/30/16, 5:06 am

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