How to Deal with Loan and Credit Card Disputes in India

According to credit card experts, disputes related to credit card and loans should always be resolved on E-mails. With changing time, people are avoiding this option and instead try to resolve the disputes over the phone which can cause numerous problems in the future. Having every communication in writing is time consuming but a written conversation can become a great rescuer in the future.

Dealing with Loan Disputes

If you have taken loan from a bank and miss paying to EMI’s then this period is known as broken period. During this period banks penalizes the customers and this amount is mandatory. However customer should take detailed information on these charges beforehand. If bank denies disclosing this information then customer can file complaint in banking ombudsman or at RBI’s ombudsman website which requires customers to enter detailed information.

Here is the RBI link for banking ombudsman page – (Or Copy paste this URL – http://www.rbi.org.in/scripts/bankingombudsman.aspx).

Other than this, if you close your loan before its maturity then the additional charges are levied on the customers. And banks have to mandatorily pre-notify this to the customers. Banks cannot levy unwanted charges.

Dealing with Credit Card Disputes

Many a times customers have to deal with many problems while buying or returning insurance policy when they’re paying the premiums via credit card. Experts recommend that – if credit card companies are charging money even after ending or returning the insurance, then you should complain in written. Card issuing bank have to provide all information to the customers within 15 days.

Customers can be issued multiple credit cards under one name from the same bank. If you want unsecured credit card then you need to clear all the previous dues and your credit rating should be good. Bank has no limit in issuing credit card. However customers should buy cards only when necessary.

You should always preserve a copy of every credit card due payment. Its need arises when a credit card company sends notice to customer for last payment due despite of paying all the final dues. Credit card companies can send this notice after 1 or many years of final due payment. Customers can file complaint against the credit card companies at bank ombudsman which receives highest number of complaints for card related complaints.

Incorrect credit card billings can be protested as mandated by RBI and card buyers have full rights for clarifying their queries and also ask card issuing company for written proof.

Customers should remember that they have time frame to 60 days to file the complaints. Apart from addressing the issue with customer care, filing complaint at bank ombudsman is another option during these 60 days.

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