CREDIT CARD DEFAULT

Querist : Anonymous (Querist) 31 July 2011 This query is : Resolved
Due to business loss I have not been able to settle my credit card dues.The Bank has been sending its agents for more than 2 years to collect the dues but I could not pay it .Bank also stopped follow up for nearly one year.Now I got a letter from another Bank stating that they have taken over the Credit card from the first Bank and that I have to pay in full.My financial position is still very bad and I dont know how to face this situation.Can u give some tips/advice as to how I should handle the new bank Agent when he comes for settlement ?

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ajay sethi (Expert) 31 July 2011
1) if you ahve failed to pay off your credit card dues you may be reported to credit bureau as a defaulter which will make it fdifficult for you to avail any loan in future .
2)you are aware that interest rate on credit card dues are 36%per anuum .
3) it is in your interest to arrive at settlement with bank .
4) try to liqudiate your other assets to pay off your credit card dues as interest keeps on mounting daily
5) if bank is willing try to arrive at an arrangement where you can pay dues in monthly installments and some interest is waived of

Devajyoti Barman (Expert) 31 July 2011
Giving the current scenario the bank does settle the arrears due in as low as 25% of the claimed amount.
So bargain hard.

prabhakar singh (Expert) 31 July 2011
But he says his loan amount is now bought by some one else,who must have eaten the large part of the bargain bread,still bargain is left,may be not 75%,only 50%,or even less.

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