Legal Question in Credit and Debt Law in India

non payment of credit card
Hi!,
I am holding a credit card which has a outstanding of 71980/-. I was paying regularly, but only the minimum dues which was 5000/- per month.
Now from Feburary I am jobless because of which I not able to pay the amout of minimum payment due. Still I have not got job anywhere. I called to bank that I am not able to pay, I told bank to give me some 3 months time but Bank does not agree. Finaly I stop to payment the installment or minimum payment to bank. I am suffering from my family expences.
So now they have send me a legal notice from a lawyer staying of paying the outstanding amount in 7 days which is hardly not possible for me to pay. 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 7/21/16, 12:31 am

0 users found helpful

0 attorneys agreed

1) repeated query replied.

2) I already advised u to go to bank, explain ur financial status and seek rephasement.

Answered on 7/21/16, 2:08 am

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