I have used a credit card from a leading private Bank and was regularly repaying till the month of March 2014. There was a balance of around Rs 30,000/- at that time.
I had to quit my private job because of age and now I have crossed 60 years of age.
I am jobless as of now and do not have regular source of income. I have been repeatedly requesting the bank to close my card and wish to go for settlement. They are not ready to do so and continue to add interest, which is getting compounded. I am unable to repay. Bank refuses to go for settlement.
Please suggest me to avoid legal action b y the bank. In case they go for legal action, what should I do? Please suggest me.