Legal Question in Banking Law in India

non payment of credit card

Hi!,

I am holding a credit card which limit is Rs.50000/-. I purchased and spent Rs. 46000/-. I was paying regularly,but I was not satisfy by the bank, on interest rates.They charge interest on interest. But I ignored always and paid generously.

Now I am not able to pay the amout of minimum payment due to my job.because I changed my due to recessesion.Now I am not earning over than Rs.8000/-. I called to bank that I am not able to pay, plz settle my account and what will be the settelment amount I will pay.Bnak does not agree. Finaly I stop to payment the installment or minimum payment to bank. I am suffering from my family expences and also bad salary.

I ask to you tell me what I do and what the bank will take an action against me. I agre to pay with full and final settelment but not right now. I dont want to do any fraudness.But the situation is very bad to run my family and others. Plz give me the path


Asked on 3/02/16, 8:01 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

02.03.2016

Dear Sir / Madam,

If your credit card is invalidated by the Bank, you should ensure that you pay Rs. 2,000/- (Rupees Two Thousand Only) to the Bank every month and write a request letter to the Bank to reverse the total compound interest amount and reflect your correct present outstanding. Keep increasing the monthly amount repayment based on your availability of money.

Regards,

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Answered on 3/02/16, 10:07 am


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