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Unable to pay credit card outstanding amount what can I do
22-Jun-2023 (In Recovery Law)
I have 7 credit cards ICICI, HDFC,HSBC, INDUS IND, AMEX, CITI, AXIS total outstanding is around 7.30 Lakhs Iam unable to pay this amount monthly the minimum due is around 40,000. and paying 2 personal loans EMI as 28000. please advice what can i do. Currently i have not job Iam in search of job worked as software employee.
Hi
You have done a big mistake to have 7 credit cards this is dangerous simply bcoz credit cards rate of interest is exorbitantly high, try to close the small cards slowly but surely let the big amounts in the credit card be negotiated with the Banks and try to get 6 months time to repay them. You can also issue a lawyers notice not to send goons to your house and that you will be seeking legal remedy to close the credit cards, if they still annoy u go the courts and try to get a injunction.
Pratap, Advocate
You have done a big mistake to have 7 credit cards this is dangerous simply bcoz credit cards rate of interest is exorbitantly high, try to close the small cards slowly but surely let the big amounts in the credit card be negotiated with the Banks and try to get 6 months time to repay them. You can also issue a lawyers notice not to send goons to your house and that you will be seeking legal remedy to close the credit cards, if they still annoy u go the courts and try to get a injunction.
Pratap, Advocate
Helpful?
28+
28+
Adv. Pratap Kumar
Bangalore | 200+ Answers
Chat
Dear Sir / Madam,
If you do not make payment towards your credit card or personal loan for greater than 3 months, anytime you may have to face legal action from the banks. Banks can get your all loan related information from CIBIL / Satyam database and they altogether can file criminal/civil cases, whatever applicable. By parallel, You may face recovery harassment calls/physical harassment by the recovery agents.
The remedy would be,
1. you need to restructure your financial.
2. you can send legal notice to bank explaining your situation.
3.You need to approach a lawyer for filing Bankruptcy.
4. If you have sufficient money, you can try closing your credit cards one by one.
... etc.,
thanks,
Adv. Niranjan.
If you do not make payment towards your credit card or personal loan for greater than 3 months, anytime you may have to face legal action from the banks. Banks can get your all loan related information from CIBIL / Satyam database and they altogether can file criminal/civil cases, whatever applicable. By parallel, You may face recovery harassment calls/physical harassment by the recovery agents.
The remedy would be,
1. you need to restructure your financial.
2. you can send legal notice to bank explaining your situation.
3.You need to approach a lawyer for filing Bankruptcy.
4. If you have sufficient money, you can try closing your credit cards one by one.
... etc.,
thanks,
Adv. Niranjan.
Helpful?
47+
47+
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