I was have HSBC Credit Card way put money on in 2003 lacking any dues. I was deputed to onsite by my company on a long occupancy basis. When i returned fund in 2007 i suddenly realize a overdue of 38000 INR. I came to know that the per annum service fees of the Credit card had combined near its non-payment cost & intrest added upto that figure. The agent call upon me informing that a one time settlement of 21000 if paid without delay, it will be cleared up otherwise my name would be blacklisted. Fearing that i have surrendered and cleared. But my question is to be precise the Bank reasonable adequate in notable the yearly service charges which is multiplied near penalty & intrests (these arising individual out of this service charge non payment). I remember I had no dues on the card at the time i gone. Even if unfortunately i have (i couldnt recollect) i feel it could enjoy been a minimum of ~1000 INR. Pls consent to me know If my concern is reasonable ample and if so what to do.
Many Thanks
Viswanath
Answers: Hi. Unfortunately, that's the way it works: If you're overdue, the mound will charge you additional penalty, and raise your interest rate. The details be spelled out in your application and the loan agreement sent to you when you get the card.
You ask whether it's "reasonable," but what you should really be asking is whether the bank's movements were decriminalized -- that is, whether they followed the rules laid out contained by the agreement. I'd suggest you gather up what papers you hold and go to an recognized credit counselor for specific advice.
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Viswanath
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Answers: Hi. Unfortunately, that's the way it works: If you're overdue, the mound will charge you additional penalty, and raise your interest rate. The details be spelled out in your application and the loan agreement sent to you when you get the card.
You ask whether it's "reasonable," but what you should really be asking is whether the bank's movements were decriminalized -- that is, whether they followed the rules laid out contained by the agreement. I'd suggest you gather up what papers you hold and go to an recognized credit counselor for specific advice.
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