Missed CC Payment

[coinhunter]

I was wondering how bad that "missed payment" will affect your CIBIL score. I forgot to pay one of my credit card bills and when I got a call from the bank reminding me of the payment, I paid it immediately. Of course, this has incurred penalty charges already.

 

[Aniket]

ICICI did not send me the March statement of my CORAL card via email, so I missed the payment.
CRED did not notify me of the payment due,
In April's statement, late payment charges of Rs. 118 are shown, I paid the amount immediately (360 Rs. April's statement), this is the first time I have missed a payment in the last 5 years of my credit card history.

Will the bank report the late payment to CIBIL? @VISHESH_BANSAL @4uziaul @SSV @Everyone

Sadly but Yes! 🥲

Though, try to contact bank and say not to report or withdraw, based on your previous relationship and habit of clearing dues timely.

HDFC report within 10 days after due date. Don't know how fast, ICICI report.

No harm on requesting once.


If you wish, you can follow this, I put alarm reminder, on the day of event and even before 1 day and after one day, choose the time cautiously when you are routinely use your phone and active.

 

[s1t2y3a3m6]

ICICI did not send me the March statement of my CORAL card via email, so I missed the payment.
CRED did not notify me of the payment due,
In April's statement, late payment charges of Rs. 118 are shown, I paid the amount immediately (360 Rs. April's statement), this is the first time I have missed a payment in the last 5 years of my credit card history.

Will the bank report the late payment to CIBIL? @VISHESH_BANSAL @4uziaul @SSV @Everyone

Cred didn't fetch statement from bank. When you receive statement SMS or email then it accessed by cred or other applications for which you could able to see your statement on that app. If bank didn't send sms or email then cred can't get your bill.

To don't repeat mistake always check outstanding one day after your statement day or statment due amount on bank app and pay it.

 

[MOhit __]

Cred didn't fetch statement from bank. When you receive statement SMS or email then it accessed by cred or other applications for which you could able to see your statement on that app. If bank didn't send sms or email then cred can't get your bill.

To don't repeat mistake always check outstanding one day after your statement day or statment due amount on bank app and pay it.

I have 24+ credit cards, so it is impossible for me to review all 24 statements.
Icici Bank did not send me an email statement or SMS, so that is a bank error, correct?

 

[Aniket]

Cred didn't fetch statement from bank. When you receive statement SMS or email then it accessed by cred or other applications for which you could able to see your statement on that app. If bank didn't send sms or email then cred can't get your bill.

To don't repeat mistake always check outstanding one day after your statement day or statment due amount on bank app and pay it.

If one has failed to pay because of lack of notification from the bank, then later one can make such bank liable.

As per rules, banks are mandatorily required to send statment/bill to card holder in such way so that customer have at least a fortnight for making payment before the interest starts getting charged.

 

[Aniket]

I have 24+ credit cards, so it is impossible for me to review all 24 statements.
Icici Bank did not send me an email statement or SMS, so that is a bank error, correct?

Y E S, it's.

If one has failed to pay because of lack of notification from the bank, then later one can make such bank liable.

As per rules, banks are mandatorily required to send statment/bill to card holder in such way so that customer have at least a fortnight for making payment before the interest starts getting charged.

 

[s1t2y3a3m6]

I have 24+ credit cards, so it is impossible for me to review all 24 statements.
Icici Bank did not send me an email statement or SMS, so that is a bank error, correct?

If one has failed to pay because of lack of notification from the bank, then later one can make such bank liable.

As per rules, banks are mandatorily required to send statment/bill to card holder in such way so that customer have at least a fortnight for making payment before the interest starts getting charged.

Yes, it's a bank's liability to send statement notification to its customers but you can't win this fight by saying I didn't receive any notification from bank so didn't paid before due date.

Even if RBI hearings in this matter would in favour of bank's side.

Simply you can't proof that you never received notification.

 

[Aniket]

Yes, it's a bank's liability to send statement notification to its customers but you can't win this fight by saying I didn't receive any notification from bank so didn't paid before due date.

Even if RBI hearings in this matter would in favour of bank's side.

Simply you can't proof that you never received notification.

RBI may close one's case citing non appealable as it do in some genuine cases also, then why not in this case.

Indian system!🥲

No doubt, there's a fault on part of customer/ card holder. This doesn't mean, Bank is right at it's place, it has lacked to fulfill it's duty/obligation (to send bill/ statement at least a fortnight for making payment before the interest starts getting charged), in other words, voilated RBI guidelines.

Customer can choose to receive email statment or statment through post.

Liability to proof lies on bank, that there's sucessful delivery of statment or bill.

I believe, it's challenging but not impossible to raise the concern to other concerned authorities/ departments.

 

[MOhit __]

ICICI did not send me the March statement of my CORAL card via email, so I missed the payment.
CRED did not notify me of the payment due,
In April's statement, late payment charges of Rs. 118 are shown, I paid the amount immediately (360 Rs. April's statement), this is the first time I have missed a payment in the last 5 years of my credit card history.

Will the bank report the late payment to CIBIL? @VISHESH_BANSAL @4uziaul @SSV @Everyone

Due to a late payment in Cibil, my score has dropped 60 points. How long will it take to get back on track?

 

[Aniket]

Due to a late payment in Cibil, my score has dropped 60 points. How long will it take to get back on track?

Around 6 months, I think.

Better if you want, you can make your amount due as 0, by paying off before bill generation, it will get further increased by around 10 pts.

CC: @SSV

 

[SSV]

Around 6 months, I think.

Better if you want, you can make your amount due as 0, by paying off before bill generation, it will get further increased by around 10 pts.

CC: @SSV

You became pro.. no need to CC me..ig!!!

 

[Aniket]

You became pro.. no need to CC me..ig!!!

Waah, means a lot to me 😅