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How can i ask for more time for payment of Credit Card dues from bank
10-Aug-2023 (In Banking / Finance Law)
I have a c.card on my personal name from HDFC in Aug 15&i made sincere payments in full till Oct 15. I quit my job in Nov and i have not been able to pay my cc bills&its reached a total of 90k. I had paid 5200 twice in the month of April&May as a min. due to the collection agents. Now, i have been emailed a "PDN DEMAND NOTICE" by an advocate asking me to clear the whole 90,000 by 7 days time. In Feb 16, I had managed to get time till November '16 via an SMS from the guy who had called me to make the payment of 5200. What can be done to get me more time till Oct end to get my finances in order?
Depending on your past payment records etc. the bank may convert the same into an EMI based loan you need to revert to the notice before they take any further action in you. You may talk to the bank in detail explaining your situation and they will come up with a solution for you.
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Adv. Ayantika Mondal
Bangalore | 400+ Answers
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HI
You must issue an Reply legal notice to the advocate notice issued. In the reply notice you can tell the nfact that you have been given time to settle the matter by November and that it is premature to demand for the payment, they should then stop demanding money from u until November. However u must have a plan to close u r credit card payment as it interest upon interest that u'll be paying, on top of it late payment charges and services charges.
Pratap, Advocate
You must issue an Reply legal notice to the advocate notice issued. In the reply notice you can tell the nfact that you have been given time to settle the matter by November and that it is premature to demand for the payment, they should then stop demanding money from u until November. However u must have a plan to close u r credit card payment as it interest upon interest that u'll be paying, on top of it late payment charges and services charges.
Pratap, Advocate
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Adv. Pratap Kumar
Bangalore | 200+ Answers
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