Please do not pay until and unless you receive a verified settlement letter from the bank through the banker handling your case, who is also the recovery agency's point of contact with the bank. The recovery agents employ unethical techniques to collect dues at any cost, they are possibly lying about the settlement letter. Please contact on WhatsApp 9311594880 for detailed advice. Mr. Manish is a debt advisor and would charge for the consultation but surely you will be able to settle your card after getting advice from him. Neither the bank will help you in settlement nor the RBI. It's just you and the recovery agents negotiating for a settlement that takes a minimum of 6 months to land a decent offer that's financially feasible for a customer. Be mindful that legally the Police can't interfere in an arbitration between the bank and customer, Banks can only approach the court of law, it really makes a huge difference if you signed a formal credit card agreement or just filled up an online form with no legal obligation. Banks are reluctant to go for civil prosecution, don't be intimidated by any legal notice, it's just a formality to scare you. Dragging you to the court will exacerbate the losses incurred by the bank. Recovery agents will try to keep the settlement amount as high as possible for completing their targets given by the banks, Negotiations are more stringent in credit cards compared to other unsecured loans. The agency will pressurize you through any means and if it gets worse please don't hesitate to approach the police and the court of law for an injunction order on the unlawful conduct of the agency and bank. Please strongly stick to a percentage of 25% of the outstanding amount when you must have started negotiating for a settlement. Anything below 25-30% of the outstanding amount is not practical. Even the banks know that any interest imposed by them would mean nothing to the court in case of a preapproved credit card or anything issued after filling out an online form with no formal agreement or signatures. Feel free to ask any other question, I will try to answer with the best of my knowledge in finance and law.Once they send me email first installment you paid and remaining amount paid after reacived settlement letter. But after that they are saying you make DD first then we provide settlement letter. If I am trying to contact with bank High authority they also saying you can only contact with recovery agency. Now what should I do please any one reply
