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What can be done if I am unable to pay my credit card payments
21-Apr-2023 (In Banking / Finance Law)
I used a credit card for 4 years and made timely payment. After 4 year because of some personal issue i was not able to pay the amount and i am unemployed too. I am not in a position to pay the entire amount or the reduced amount offered by bank. Can i take this matter to LOK ADALAT and resolve it there? or can i settle this payment by the amount which i am able to pay.
Yes, you can settle that matter and pay outstanding after negotiation to the respective bank. If Bank have initiated legal action then also not to worry, you can settle the issue in the court as well and ask them to give you time period to pay it by installments.
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Adv. Balaji Sagar
Pune | 100+ Answers
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