kumar (assitant ) 09 June 2014

Credit card issue

Hi experts .

i have using the credit card from last one year from three different banks , every thing was running normal, due to the one of my family member fall ill , i have to use my all savings . now the situation came that i hardly manage to pay even the minimum due , i have talked with the bank regarding the issue i am facing in details even i have mailed to them explaining my financial hardship to pay as i am the sole earning member , recently my father lost the job due to long term illness ,

from last 4 months i have not paid any cc , i am getting calls from the recovery agency even i explained them of my problems , they all are taking in harsh language , they visited my home even the office . they said that they will sell my house in order to recover the dues or send me to jail as if i am a criminal .what to do at this ??

the total outstanding of all the credit card is around 90 k which include all the late payments charges and interest charges . i want to settle the dues with the bank the amount i am offering they are not accepting , frankly i have a home loan running with a govt bank , even taken up the personal loan during the emergency , i hardly able to make savings . i accept that i am the defaulter but this situation can come to any ones life , i know that my civil score has been destroyed that affect me in long term .

is it possible for the bank to take the possession of the home in order recover the dues , i have never defaulted in my home loan and even the credit cards that i have defaulted is from the other bank . at what extent they can go ??? i am living in fear , my job performance has been degraded due to all this harassment . what the legal action they can take ??

kindly help at this situation .

Regards

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6 Replies

Dr J C Vashista (Advocate) 09 June 2014

Meet the bank officials maintaining your account, discuss the problem, bargain, negotiate and pay the agreed amount in instalments.

Anand Bali Adv. (Advocate Solicitor & Consultant) 09 June 2014

You do not have to do much in this case only meet the bank officials who are concerned and settle the matter with them only and it is better if you offer them a plan for repayment and get them agreed upon them in writing. I am fully agreed with the Senior Expert Dr Vashishtha's opinion.

kumar (assitant ) 10 June 2014

thanks for the response , i have mailed them even i have talked with the customer care executive. i have offered them a settlement amount that i can arrange , but they are demanding every penny that i have used . at this point of time its not possible for me to arrange as i have to meet my daily expenses .

Biswanath Roy (Advocate) 10 June 2014

Credit card loan is not a secured loan and personal loan so liability lies to that extent only so the Banker cannot charge over the immovable property without any process of Court. You start dialogue with the Bank for settlement of loan by serving letters continuously to linger the issue and side by side go on making payments towards your debts to reduce your liabilities.

kumar (assitant ) 11 June 2014

thanks for the reply , i am aware that credit card is an unsecured loan , its a civil liability . ya i am trying my level best to clear few loans that i have availed from the other bank , as this process need some time so that i can be back on track . even today i got the call from SBI recovery agency , i clearly explain all the facts about my financial hardship . i need some 5 months time to be on track as whole of the family is depending upon me . but he is using harsh language like why did not u think twice before using the card . i don't care about ur issues , we can't wait manage some 4 thousand rupess give it to us than we will think about the settlement process . i called the bank cust care and complained about all this issues ..even they do not pay any attention .

kindly suggest me . as i fed up by mailing bank , calling customer care . still no solution i have . they visit my office , call my official landline discuss about my debts to my managers .

T. Kalaiselvan, Advocate (Advocate) 12 June 2014

I agree with the experts opinion on the issues that while negotiating with the settlement issues, side be side keep making some payments to the agency so that the issue is not getting flared up to undesirable level.