Bank offered settlement for credit card dues. I don't want to pay.

I had a credit card. The bank has charged me late fees and interest. My credit limit is Rs. 50,000. The outstanding amount is Rs. 70,000. I asked for settlement from bank. They are asking minimum of Rs. 36,000. My father had a open heart surgery recently. I don't have much money now. What can i do?

Answers (1)

89 votes

Thank you for the query and I am sorry to hear about your father, hope he recovers soon. As far as your credit card issue is concerned, why don't you speak with the bank and have them structure a payment plan where you could return the amounts in installments.

Litigating over an amount of Rs. 36,000/- may not be in your best interest. You could ask an Advocate you know or anyone else you feel who would be capable to speak with the bank to work out an amicable solution. I would not go to court if I were in your situation unless the amounts have been charged illegally. Hope this helps and if you have any further questions do post them here.

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