HSBC credit card collection executive visited my house today
One hsbc collection executive visited my house today to collect payment of my hsbc credit card. I just informed him that I will pay once my business picks up or my flat sells. I also informed him that I will do the settlement once the write-off period comes. He told that even I can do the 50% settlement if you give Cheque for minimum payment of 2200/- this month, then the file will be with me next month also, i can send a request for a settlement approval, then that amount also can be paid in three instalments. I asked him to do the same job without taking check from me, because I don’t have funds in bank. Otherwise the check will be bounced I informed. Then he said that i will not deposit check until you get settlement approval, I use this check to hold the file with me and do the settlement process.
I asked him to write all these things on a paper and put signature and attach a ID card xerox which is given by collection agency. He told that he will come back once get clarification from his boss. Let us see what will happen.
You can get information about foreclosure, settlement and write-off terms here under
Foreclosure: Closing of the existing loan or credit card dues by paying toal outstanding amount including fore closing charges, fine and late payment charges. This is not useful in the bad financial situations.
Settlement: As per my information we can ask bank for a settlement letter after defaulting 3-4 payments continuously then the bank will give 40-50% weaver on principal outstanding balance excluding late charges.
Write-off: banks write off bad debt that is declared non-collectable (such as a loan on a defunct business or a credit card due that is now in default), removing it from their balance sheets.
As per most of the bloggers in consumer complaints website, we should not settle any card or loan with the collection executive whoever comes from collection agencies, because they will not update the information in the bank systems. We get phone calls from collection executives even after a settlement. If we are really interested in settlement, we should do it in the bank itself by taking proper proof of payments.
Keep watching this blog for further information about this collection executive. Leave a comment to this post if any in comments section.
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