Credit Card
1 month ago
Hi Team, I do have a SBI Credit card where I was not able to pay the credit card amount due to my wife health issues and unexpected death of elder sister from last year August 2023. Last week on Friday (Feb-23) they have whatsapp me to come to court, but there was no info provided properly. Yesterday (Feb27) they have given me the option for settlement however I asked for 2 emi settlement from which I can pay but they're not agreing with me. Please kindly suggest
A.Dear Client,
Your description provides an accurate overview of the legal consequences a credit card defaulter may face and the subsequent recovery actions taken by the bank. The process typically involves marking the debt as Non-Performing Asset (NPA), initiating legal proceedings, and, in some cases, seeking attachment of the defaulter's salary.
Negotiating with the bank outside of court and expressing your financial constraints could be a viable option to explore. However, it's important to note that the bank may or may not agree to such terms, and any negotiated settlement would likely be influenced by the individual circumstances of the case.
Additionally, the mention of the impact on CIBIL (Credit Information Bureau (India) Limited) is noteworthy. Defaulting on credit card payments can adversely affect one's credit score, making it crucial to communicate with the bank and work towards a resolution to minimize the impact on credit history.
Seeking professional advice, possibly from a financial counselor or legal expert, could be beneficial in navigating through negotiations and understanding the legal implications thoroughly. It's also important to keep all communication and agreements in writing for documentation purposes.
Overall, your advice aligns with common practices in dealing with credit card debt recovery issues, and individuals in such situations should carefully consider their options and seek appropriate guidance.
Your description provides an accurate overview of the legal consequences a credit card defaulter may face and the subsequent recovery actions taken by the bank. The process typically involves marking the debt as Non-Performing Asset (NPA), initiating legal proceedings, and, in some cases, seeking attachment of the defaulter's salary.
Negotiating with the bank outside of court and expressing your financial constraints could be a viable option to explore. However, it's important to note that the bank may or may not agree to such terms, and any negotiated settlement would likely be influenced by the individual circumstances of the case.
Additionally, the mention of the impact on CIBIL (Credit Information Bureau (India) Limited) is noteworthy. Defaulting on credit card payments can adversely affect one's credit score, making it crucial to communicate with the bank and work towards a resolution to minimize the impact on credit history.
Seeking professional advice, possibly from a financial counselor or legal expert, could be beneficial in navigating through negotiations and understanding the legal implications thoroughly. It's also important to keep all communication and agreements in writing for documentation purposes.
Overall, your advice aligns with common practices in dealing with credit card debt recovery issues, and individuals in such situations should carefully consider their options and seek appropriate guidance.
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A.Dear Client,
A defaulter of credit card dues is held liable personally for his or her debt for non-payment of the outstanding amount of the credit card. The Bank initiates a routine course of action for recovery of the dues from the cardholder marking the debt as NPA. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your debt for any reason whatsoever. If a suit for recovery of an outstanding loan from the defaulter is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of the salary of the defaulter for recovery of the credit card dues. you may make a prayer before the Court for granting some more time to explain your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL and other legal consequences. Record and other legal consequences. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path forward to resolve the crisis.
A defaulter of credit card dues is held liable personally for his or her debt for non-payment of the outstanding amount of the credit card. The Bank initiates a routine course of action for recovery of the dues from the cardholder marking the debt as NPA. You can make a prayer to the Bank for some more time to settle the dues but cannot escape yourself from your liability of repayment of your debt for any reason whatsoever. If a suit for recovery of an outstanding loan from the defaulter is filed by the Bank before a Civil Court, after hearing both parties Court may pass an order for attachment of the salary of the defaulter for recovery of the credit card dues. you may make a prayer before the Court for granting some more time to explain your present financial constraints which may or may not be allowed on the objection from other party Bank. So, try to negotiate the matter with the Bank out of court on suitable terms considering its impact on your CIBIL and other legal consequences. Record and other legal consequences. Further, a quick counseling session with a certified credit counselor can help you discover your options and choose the right path forward to resolve the crisis.
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