- This topic has 2 replies, 2 voices, and was last updated 1 year, 3 months ago by
.
-
Posts
-
-
UDue to health issues in the family and loss of work for 5 months, I ended up using 3 credit cards.
To explain from first, I have 3 credit cards (Icici with 1 lakh limit, kotak and one card with 2 lakh limit each). I rarely used them and was clearing them regularly. The last 15 months have been very difficult due to health issues with my dad and I didn’t have job for almost 5 months. Because of this I ended up using 50-60% of each credit card (around 2.4lakhs). Because of the above mentioned issues, I was unable to make the credit card payments. As per customer support advice, I used to arrange cash and pay the minimum of one credit card and use that cash to make the payment of another card and so on. This continued for almost a year and now my credit cards are maxed (around 5.1lakhs) and the banks are threatening me with a lawsuit. I haven’t paid the banks for 3 months now and they are constantly visiting my house and threatening me. Even thought I’m answering all the calls and also visiting the bank if required, they are constantly visiting my house.
Now i have a job of 40k monthly salary, so i was looking at options to get out of this predicament.1. To get a consolidated loan and close all the cards and repay that loan via EMI but due to my cibil score, I’m unable to get any loan. The banks aren’t ready to wait and they are threatening that they will file a lawsuit in lok-adalat and will make me pay the entire amount.
2. Came across a firm “Ama legal solutions” who takes care of such credit card default. They have mentioned that they would help communicate with the banks and also send any necessary legal notices or such and get me a settlement of less than or equal to 50%. Their fees would be 15% of my total outstanding which is included in the 50% settlement. Where I’ll need to pay 2% in advance to get the process started.
3. Hold out on my own and try to get a settlement over time.Not sure if I can trust them, so looking for any ways to get out of this situation which I have put myself into.
-
-
-
