Debt settlement
2 years ago
I would like to settle my credit cards and personal loan as now my financial condition is very bad. Total due is approx 12-13 lacs. Please guide
Ankur Goel @ Complete Law Shield
Responded 2 years ago
A.That is very high amount to settle easily.
Helpful
Helpful
Share
A.Dear Sir,
Have personal discussions with bankers and settle the issue.
Have personal discussions with bankers and settle the issue.
Helpful
Helpful
Share
Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
You can negotiate with the credit card compay to pay a lump sum of money that is less than what you owe. You can also work out an agreement to lower your interest rate, waive or reduce the monthly payment or remove the late fees.
If you find my answer helpful then kindly rate me.
You can negotiate with the credit card compay to pay a lump sum of money that is less than what you owe. You can also work out an agreement to lower your interest rate, waive or reduce the monthly payment or remove the late fees.
If you find my answer helpful then kindly rate me.
Helpful
Helpful
Share
A.Hi,
You need to visit the debt settlement agency and explain your inability to make payments via a credit card settlement letter and mention that you are open to negotiating other repayment terms.
If you find my answer helpful then kindly rate me.
You need to visit the debt settlement agency and explain your inability to make payments via a credit card settlement letter and mention that you are open to negotiating other repayment terms.
If you find my answer helpful then kindly rate me.
Helpful
Helpful
Share
Viswanath M K
Responded 2 years ago
A.There are many ways out of this. You can take the matter to the lok Adalat and ask for a settlement, or move the Court. Direct talks with the credit card company will not give you a good deal.
Helpful
Helpful
Share
A.You can reach out to the credit card company and discuss with them to settle the amount amicably and hopefully they will do it as they too want to close the due and NPA accounts. the other way is that you can initiate ODR- Online Dispute Resolution process through Vidhi Samaadhaan, to know more click at this link https://www.vidhikarya.com/online-dispute-resolution and get this resolved through ODR.
Helpful
Helpful
Share
Read Related Answers
For bank loan
Dear Client,
the loan amount must be repaid by the legal heirs of the deceased or the nominee by the deceased if the assets would be frozen by the bank. there is no other legal remedy to non payment
Bankruptcy and Debt
Dear sir,
You may join any reputed NGO and render your personal service where you can get at least free accommodation and boarding.
Strong Legal Notice--Recovery of amount
Dear Client,
Unfortunately, there are no legal remedies for illegal issues. A contract for an illegal purpose is void from the beginning and in case such an illegal act is revealed from any source, bo...
Bajaj Fin Overdraft loan default
Dear Client,
A borrower of a loan or debt is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for cons...
Unsecured busniess loan default
Dear Client,
Under the CGTMSE Scheme, in case of default by the borrower subject to the overall guarantee cap amount, the liability of the Trust in respect of credit facility shall be in case of Term...
Read Blogs on Bankruptcy and Debt
Bankruptcy and Debt Lawyers
Find Lawyers by Location
