Legal demand notice

This query is : Resolved 

Querist : Anonymous (Querist)
04 March 2021

I was using ICICI credit card in the year of 2019 last I have used in Feb'19 and till then I was paying minimum amoun t every month but after lockdown I lost my job and stopped payment of credit card due, now after several time called I have paid last two month total 11000 and now they are saying that interest amount increasing day by day and they are claiming 55000 to settle the card which is not possible for me as I have lost my job since lockdown.

I have informed everyone regarding this who are calling but they are threatening to me that case will be transfer to legal department and I will face issue regarding this, please suggest and help me to close the matter.

Guest (Expert)
04 March 2021

Do not Panic and discuss with an Local Advocate in detail and Legally Proceed.

kavksatyanarayanaOnline (Expert)
04 March 2021

Yes. Consult a local advocate with the details of credit card.

Hemant AgarwalOnline (Expert)
07 March 2021

1. You have no legal option, but to pay your debt & interest thereon. There is no legal escape for "defaulters" and you would be legally prosecuted, irrespective of whether you are earning or not earning.

2. Anyways, TRY to negotiate with the credit card co., for one time settlement or restructuring your debts.

Keep Smiling .... Hemant Agarwal

Dr J C VashistaOnline (Expert)
09 March 2021

I agree with expert advise of Mr. Hemant Agarwal.
Bank is not interested in your job or no job.
Repay the outstanding amount as "one time settlement" with the Bank.

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