Legal Question in Banking Law in India

Settling a credit card with a bank would mean my name being submitted to CIBIL..

i have found contradicting opinions on this please help.

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


Asked on 8/18/09, 8:23 pm

2 Answers from Attorneys
J. Radhakrishnan independent Practice

There are no two contradictory views. Once somebody defaults credit card dues, the credit card issuing bank will notify the name of the defaulter in the defaulter's list. Once that is settled albeit at a negotiated amount, his name is liable to be removed. The Delhi Consumer Disputes Redressal Forum has ruled that the name shall not figure in the defaulter's list once the debt is settled. That should be taken the correct view.

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Answered on 8/18/09, 9:21 pm
Pranav Desai PD Legal & Associates

I agree with the opinion of Radhakrishnan, Advocate

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Answered on 8/23/09, 2:44 am


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