Legal Question in Banking Law in India

I do want to settle a credit card with a known bank.

I want to understand the future implications . I have found contradicting opinions on the internet.

http://www.financialexpress.com/news/putting-credit-card-holder-name-in-defaulters-list-unfair/464629/

http://www.apnaloan.com/credit-card-india/Credit-card-Settlements.html

Please let me know if CIBIL would still have my name?


Asked on 8/18/09, 9:24 pm

2 Answers from Attorneys
J. Radhakrishnan independent Practice

our answer is that once u settle your credit card dues, CIBIL shall not display your name as defaulter. If they do, sue the bank and CIBIL in consumer forum

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Answered on 8/18/09, 10:21 pm
Pranav Desai PD Legal & Associates

You can settle and the bank will remove your name from CIBIL. If still found then you can take the bank to Consumer Forum and use the attached judgment for claiming compensation.

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Answered on 8/23/09, 2:46 am


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