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Six months ago, my cousin took my two credit cards, each of limit 3 lakhs, and used them. And every month, he used to pay me the interest for that, and he renewed the cards by paying the partial payments. Everything was fine until three months, but for the last three months, he has gone somewhere away. And I have been doing the renewal process, making the partial payments, and holding my card to not cross the limit. And I’m tired of this partial payment,
so I’m thinking for a settlement. But I do heard that many people say it’s very risky process to make a settlement. And the bank employees make too much of noise, and they really disrespect you when you talk about the settlement. They come to your house and create all the nonsense. Any advices?
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UIf you want a settlement, don’t ask for it directly. Instead, let the payment default. The lender will eventually approach you to settle the account, putting you in a stronger position to negotiate. Legally, they cannot do much, and the process is lengthy, so they are more likely to propose a settlement.
If they misbehave with you in any way, record their behavior and seek police assistance. Additionally, you can refer to RBI guidelines to understand your rights.
Note: I personally settled my credit card amount using this approach, and it worked perfectly for me. Good luck!
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