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Due some financial crunches, I was not able to make the payment of credit card from last 4 months. My salary credited to my account last month but bank deducted the amount from my salary account that is linked to my credit card account. Now I received a legal notice from a lawyer asking to pay the outstanding amount. Is there any mode that I don’t have to pay the money? Please suggest.

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Due some financial crunches, I was not able to make the payment of credit card from last 4 months. My salary credited to my account last month but bank deducted the amount from my salary account that is linked to my credit card account. Now I received a legal notice from a lawyer asking to pay the outstanding amount. Is there any mode that I don’t have to pay the money? Please suggest.

Ans.  

Hi there! I am aware that due to financial crunches you are not able to pay the credit card outstanding. But there is no mode that you can save yourself from paying that money. The only thing you can do is to talk to bank to restructure your loan amount. They might help you to make an easy way to repay the amount. But it is certain that you have pay the whole amount, they might waive off the penalty charges. Otherwise bank has right to file a recovery suit against you recover its loss.

 

Please feel free to contact us, if you have any further query.

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