I used kotak credit card on covid lockdown timing, and due to financial problems, not able to pay complete a amount, but paid minimum amount for few months. Last month got a call from kotak mahindra collection agent, I explained complete problem and financial difficulties to repay amount. I got below email from collection agent and I agreed to follow the schedule and repay the amount.
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Dear M PRABHU,
This refers to your above mentioned Credit Card & the discussion you had with representative of the Bank, in which you had requested for the reversal of late payment and interest charges. In view of special circumstances explained by you & as a goodwill gesture, we have agreed for the reversal of the charges levied on your aforesaid Credit Card, on your current outstanding balance of Rs. 76505.44 /-& you are now advised to pay the revised outstanding of Rs. 66500/-in 4 shots /- post reversals as on 24.02.2021 incorporating the following terms & conditions & as per the scheduled repayment plan.
Your repayment schedule will be as below.
EMI DATE
EMI AMOUNT
25.02.2021
16625
12.03.2021
16625
12.04.2021
16625
12.05.2021
16625
Please note that the amount mentioned above will have to be realized by the Bank on or before the agreed date of repayment as mentioned in this letter. The subject Credit Card Account shall continue to accrue Interest and penal charges as applicable till the amount agreed is received in full.
In the event of default in repayment as agreed herein above and/or any cheque issued by you not being honoured, the above reversal shall be rendered null and void and you would be required to pay the entire outstanding at that point of time forthwith. This is without prejudice to the right of the Bank to initiate appropriate legal action against you, for recovery of the outstanding dues and for dishonour of any cheque issued by you towards the above instalment.
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Based on the above agreement, I paid first installment on[protected] and ready to pay other installment on time. Meanwhile, I have transferred Rs, 91000 to my kotak mahindra bank account to pay PEROSNAL loan emi's. To my surprise, kotak mahindra blocked my entire money and not allowing to pay emi. I got to know that, the amount was blocked from credit card department. I called customer care executive to unblock my account, but there is no proper response. They asked me to pay extra amount to unblock the account, I explained that I don't have money on other account, so can't pay it. I requested customer care to allow me pay from my blocked account or requested bank itself take action and auto debit it. But the customer care executive not agreed, I spoke to senior manager, collection department, collection agent etc
None of them giving proper response, they are not taking any action... The recent update from collection department is that it might take one month to unlock my account. When i asked why Rs. 91000 blocked for around rs. 50000 outstanding amount, no response. Whenever I talk kotak mahindra agent or customer care, they say it is pending from department x, y, z ( some internal department). I don't see any improvement. Finally, the agent told me that it might take 15days to 1 month to unlock my account.As a customer when I delay payment for a day, the kotak mahindra bank put so many charges( late payment, over limit, financial charges, interest charges, gst charges, card processing charges etc) and steal my money from bank. But when there is unreasonable delay from kotak mahindra bank, they are speechless, no response, max sorry from them. The kind of process they follow is daylight robbery from customer, I need strict action against kotak mahindra bank and kotak mahindra bank must be fined for difficulties causing to customers. Also, I need immediate response for my problem and componsation for putting me so much trouble, causing mental and psychological problems.
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