Debt Counselling: Sanjay Agarwal

I lost my credit card last month. I had a sum outstanding of Rs 10,000. I asked the bank to block it immediately and filed a police complaint. My next statement showed new transactions, which the bank wants me to pay. I have written to the nodal officer but have got no response.
I hope you have some evidence that you informed the bank to block the card. It could be a complaint number, if informed on phone, or an acknowledged copy of a letter sent to them. You should complain to the nodal officer in writing, with this evidence. In case you do not hear within 30 days or are not satisfied with the reply, forward the complaint to the banking ombudsman of RBI.

I have locked all liquid money in investments and now need some. I have a Rs 2-lakh personal loan for six months. Should I opt for loan on a credit card or get my credit limit extended? The limit is Rs 50,000.
Revolving credit-on-credit card is the most expensive credit, with rates exceeding 42 per cent a year. Instead, take a loan on your credit card (interest: 15-20 per cent).

At the time of opening a savings account a public sector bank asked me to buy life insurance. I refused. But, for it, they have been deducting Rs 400 for three months. They say I had signed the papers. Can I petition the ombudsman?
Please check the papers you signed. If you haven't, ask them to stop deducting premium and refund. Also, if you haven’t received the policy, it hasn't been issued. Hence, the bank should refund.

Just in case you signed the relevant papers, you can still have the policy cancelled within 15 days of the mandatory free-look period. In any case, if you haven't consented to this policy in writing, hence the bank cannot force you into it. First complain to the nodal officer of the bank, and, if required, petition the banking ombudsman.

The writer is senior vice-president and group head —retail strategy and branding at Arcil.The views expressed are his own. Send your queries to yourmoney@bsmail.in