Regarding credit card... need help
nitinsharma
(Querist) 28 October 2015
This query is : Resolved
Dear,
I have used a credit card of a bank, but did not make payment as I was unemployed for than 1 year, now I am working but have few other debt on high interest. I want to clear other debt instead of bank, I want 1 more year to clear bank debt (it is only 30-thousant), but these days bank person or bank agencies calling me, and they scold and trying to scare me for legal action.
Please let me know, what can I do if they scold and scare me. And what action they can take against me.
Regards,
Kumar Doab
(Expert) 28 October 2015
You are under obligation to pay.
The time that you want is discretion of CC company. However the amount of penal charges/interest being charged is exorbitant (say 3.75% pm) and soon the amount shall be out of reach.The delinquency by now would have been reported to credit bureau's like CIBIL etc.
The settlement that you may make with any lender/bank/CC company from which you have borrowed, shall be an adverse entry and in future you may not be able to borrow.
The priority now is not only to pay all creditors but also to somehow succeed in getting your credit history cleansed............and no lender on its own shall agree to cleanse your credit history.If you can get it done with your own skills then you may or you may lean on some seasoned lawyer.
The RBI vide its 'Master Circular On Credit Card Operations' has laid some guidelines and you may go thru these.
There are directions and judgments on conduct on banks and its recovery agents, that you can refer.
There are many threads on similar queries that you may search and may find relevant and useful e.g;
http://www.lawyersclubindia.com/experts/Harassment-and-threats-by-citi-bank-india-566031.asp#.VjDHiG5-jMo
http://www.lawyersclubindia.com/forum/Harrasment-by-icici-banks-recovery-agents-76271.asp
Rajendra K Goyal
(Expert) 29 October 2015
Rate of credit card interest is much higher.
Try to arrange money and pay to get rid of complications.
Ask the Bank for compromise amount if they can wave part of interest. However, this would effect your credit history adversely.
R.K Nanda
(Expert) 29 October 2015
nothing to add.
