To defer credit card payment

Querist : Anonymous (Querist) 29 December 2011 This query is : Resolved
I have an outstanding payment for my credit card and at this point I am unable to pay the balance (am a student now). I would want to defer the payment for about 4 months since I will not be in a position to make the payment during this time. I do not mind the interest, finance charges, late fee, overlimit fee and taxes on all of these but I just do not want to be harassed for the next 4 months. I also want their collection agency to stop calling my home and bother my family members as well.

Is there are way to do this?

Thanks in advance to any valuable advice.

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Piyush Vaishnava (Expert) 29 December 2011
No, there is no way to easily dump others money. If you really want that nobody call you for that amount, please refund their amount as early as possible.

Sailesh Kumar Shah (Expert) 29 December 2011
you have no option except to abide/follow terms and conditions of credit card company, which was earlier agreed by you. Go through the t&c, act accrodingly.

Querist : Anonymous (Querist) 30 December 2011
Its not about dumping other's money. It is just about delaying the payment while accepting any interests incurred during the period. The only issue is that I cannot pay even the minimum due at this point.

How about a true with the credit card company? Will that be possible and will it work?

Also, I would appreciate if someone can tell what legal actions the card company can take if I do not pay even the min. due for the next 4 months.

Thanks.

Deepak Nair (Expert) 30 December 2011
You can approach the credit card department of your bank directly and personally for that purpose. Send a letter through registered post and e-mail stating your inability and your willingness to pay.
Since you are ready to pay the amount with interest, then the Bank shall not have a problem. After all the bank will be getting more interest.
The bank may consider your status as a student and the shor period of 4 months.

prabhakar singh (Expert) 30 December 2011
Only negotiation is the way out they also understand that if they proceed to realize by legal process it may take years.If they do not agree ask the people calling to stop
harassing your family by making calls and ask them to proceed against you legally for realization.

Devajyoti Barman (Expert) 30 December 2011
Yes rightly advised.

malipeddi jaggarao (Expert) 31 December 2011
I agree with comments of the expert Mr.Deepak Nair.

Querist : Anonymous (Querist) 01 January 2012
Thanks all for the replies.

I tried negotiations through email but they are not willing to postpone the billing and asking me to pay the minimum due payment at least. If I could pay that then I wouldn't need to negotiate with the bank. They also mentioned that it is the only way to avoid aggressive followup calls.

Seems like the only option is to just close my ears to these guys for the next 4 months.

Or is there any way? The executive said I cannot take this up with anyone as the bank's process does not have any such provisions. Whom can I contact now to get it resolved?

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