A 38-year-old man from Mumbai was living with his elderly parents. He approached us to obtain a settlement on a credit card where he had only missed two EMI after losing his job. 

He was experiencing harassment by the creditors who were visiting his home and harassing his parents.

When he approached the bank directly, they were unwilling to offer a settlement because he had only missed 2 EMI and were asking to continue with the EMI payment arrangement.

After we contacted Kotak Bank, we were able to negotiate a reversal settlement, which was forgiveness on late payment and on the interest charges that had accumulated whilst he had missed his EMI.

The client had ₹1,40,415 outstanding on his credit card and after forgiveness on late payment and interest charges, the bank was willing to settle the credit card for ₹1,00,000. This was a discount of 30% of the outstanding and we were able to negotiate a term settlement over 10 months.

After agreeing this reversal settlement our Advocates checked the authenticity of the bank’s settlement and were able to obtain assurance from the bank that collection activities, calls and visits would cease.