If one of the banks do not cooperate on settlement of outstandings (due personal problems) what are the options with the ex-customer (who has already been reported to CIBIL and credit damaged).
Amount of settlement matters the most. Bank officials at various levels are empowered with specified monetary limits to reach to a settlement. You may approach to the higher level official. Please, however, note that it is not your right as a borrower, but a discretion of the lender.
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.

Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank

R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.

Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues

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