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Credit card settlement for long pending dues


10-Jul-2023 (In Recovery Law)
Hi,nI owe couple of credit cards and my total outstanding are approx 9L (including penalties and late fee for last approx 3 years). I had incurred loss in my business and I was unable to pay the dues, now i want to settle the amount and i am hoping that i could get it settled for 25%, is it possible to get it settled at that percentage legally?
Answers (2)

Answer #1
592 votes
It depends upon the bank whether they want to settle the matter at what percentage after seeing what you are willing to give them. You must have received legal notices regarding the defaults. After they agree for a particular percentage then it's advisable to execute a settlement deed with them. For more legal assistance I am just a call away.
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Advocate Jitender Singh

Adv. Jitender Singh

LawRato Delhi | 1000+ Answers
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Answer #2
744 votes
Dont panic. Your issue can be resolved very easily by negotiating with the banks. Contact me for further procedure. All possibilities will be done so that you can come out of this liability. I will need all the transaction details.
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Advocate Avnish Singh

Adv. Avnish Singh

LawRatoDelhi | 25+ Answers
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