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Date : Jan 22, 2009

Question

Hello Mr. Roongta. Iam Dev (27yrs). i had 2 credit cards in the year 2003..used to pay it correctly and for some reasons i couldnt pay in the year 2006. Therefore went in for settlement (not full amount)and have 2 settlement letters from the 2 banks. I now want to aply a 2.5 lack car loan. Will it be a problem for me to get it? I feel since this is a secured loan..i will get. however i need your valuable inputs. I dont have an existing loan nor do i have any check bounce.2 yeasr of bank statement is clean. Kindly advice.Thanks a lot! regads.

Answer

When you go for a settlement it is considered as a defaulter and your name gets listed in CIBIL as a defaulter. Your default stays on the credit bureau's record for 7 years so you might face an issue in getting a loan even after clearing off your default. Now it totally depends upon the bank.

 

 

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