Hello,
I am a businessman from Mumbai. I have been using 3 credit cards for past 5+ years now and had never run into a situation like present. All my 3 credit cards are over utilized and in blocked status at present.
I have not been able to pay any amounts for past 90 days.
Reasons: Family hospitalizations (important operations etc.), payments I recieve from my businesses are stuck for last 4 months and cannot expect the same within 3 months more.
Even @ present all my existing family, office and other expenses are going from my savings. (liquid cash in hand)
I have however, sold one of my old investments (a real estate property) to clear all our outstanding dues. I am expecting the funds anywhere in the month of July. I dont want to be a defaulter as credit cards are required to make our international payments.. (without which wont be able to run the business).
Need your guidance as I am receiving letters from banks about non-payments and requesting to make the same within 10-15 days of time or legal actions shall be taken.
I will request some opinions, as I dont want to be a defaulter, as never have ran into these situation since last 12+ years I am using credit cards. But only due to sudden family and financial problems, I am in a bitter financial trouble.
Thank You.
