Credit card rbi notification
- Thread starter ravindra
- Start date
Sorry didn't quite understand this, why won't credit card companies add late fees or penalty charges, foreclosure charges to bills?
zacobite
KF Mentor
so how will they make money?
Doesn't seem right. There was RBI guideline which mentioned that Credit Card Companies are only to charge late payment fees if the delay is more than 3 days. Are you referring to that?
zacobite
KF Mentor
RBI says no Interest on interest.. Explore one time settlement option.
it doesn't restrict other chgs.. penal interest is restricted on loans.. not on cc
If I am directly sending an email to the credit card nodal branch, they are not ready to provide an OTS (One-Time Settlement). They want a minimum amount, and if I arrange for it somewhere, how can I pay the next month's minimum amount? That's why I am sending an email for an OTS, but they are not helping me. They are saying only to pay the minimum amount every month. I don't know how to deal with them.
zacobite
KF Mentor
how will you settle if u don't even have minimum due amount? pls be practical and go to the bank collection head and negotiate directly.. but be ready for immediate payment.. ots means immediate settlement or negotiate a payment plan like emi
Until and unless you stop paying completely, your card will not become NPA. Until and unless it becomes NPA, these tactics to puush you to pay minimum due amount will continue. But if you have to intend to make OTS, you don't care that your credit score will go to dogs and you won't get any loan/card there after. Assuming that, stop paying completely however it will also means lots of interest, charges and penalties will be additionally levied on you. Once you have not paid for 3 months, the collection agents will start visiting/calling and you need to convey to them for OTS. However this is not a recommended way at all.