This is Fantastic News!!! I have received many e-mails stating that Banks are not coming forward to help for Settlement in case of defaults. There is HOPE for you, especially if you area defaulter on your Credit Card or Home / Personal / Auto Loan. The RBI supported Banking Codes and Standards Board of India – BCSBI is taking up cases of individuals or SMEs upto Rs 50 Lakh. BCSBI has 83 member banks from ICICI, Citi, HSBC, SBI, HDFC to Syndicate Bank in India and I am sure your bank is also on the list.
We have established contact with BCSBI and they are willing to more than lend a helping hand to Indians under financial stress and defaults. BCSBI carefully examines your case and then recommends a feasible solution to you as well as the Nodal officer of your bank. However, you should be genuine [do not lie, share all the facts, Income Certificates, Investments, Loan Obligations / Rentals etc]
Steps on Settling your Credit Card / Loan Default:
- Collect Documents that will show the current state of Dues on the defaulting Account
- Write a brief cover letter marked to the Officer BCSBI, Mumbai on why you have defaulted, what was your original amount, how much interest has accumulated over it, explaining your case. Please be professional in your wordings and conduct.
- Download and Print the BCSBI Credit Counselling Form [PDF]
- Fill the BCSBI Form [BCSBI is an autonomous industry watchdog, do not lie, they are here to help you] and send all the documents to Banking Codes and Standards Board of India C-7, 4th Floor, Reserve Bank of India Building, Bandra Kurla Complex Bandra (East)
Mumbai – 400 051
- If you are in Mumbai, you can schedule an appointment and walk-in. Call 022 – 26573715 to get an appointment
Once your case has been examined, BCSBI will share its opinion and also recommend the Bank to consider case for settlement. You should then follow these steps for Full and Final Settlement, to be on the safer side. Questions and Comments can be posted here.