I’m having around 8-9 credit cards of different banks using regularly for the past 8 years with no late payment & no defaults…from last 2 months i faced big losses in business….and i want to make settlement with them….kindly advise what should i do….
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Well you will have to talk to the credit card company to see what they can do for you.
Ask them for a business hardship deferment or exemption where they just receive interest payments from you or a temporary 2-6 months of no payment from you or if you can pay half of your current minimum payments. Sign up for credit protection or balance protection programs for all your credit cards so you don’t have to make payments or only very small payments. However these programs have certain restrictions like you can’t already be behind in payments or you have to join the program for anywhere from at least 30 days or 6 months as a member you must read the fine print. If you lose a job or get fired or suffer great business losses usually they can work something out with you. You need to talk to them before you start defaulting on your payments.
It depends how much limit you have used. If you can repay the principle amount then you can negotiate with the bank for Finance Charges of penalties if any. At the movement the negotiation is the best tool and pay the principle amount. Please don’t forget to get the No Due Statement later on.
If you are unable to pay the entire principle amount, hen you can ask the bank to make the instalments of the remaining amount. Here also you can negotiate for Finance Charges and penalties.
In the worst condition, if you are not able for both the option. Simply get you all card dis-continue, or they will be in case you do not pay them. The last damage banks ca do is by putting your name in CIBIL (which mean red listing your credit report in India).
No creditor will settle on current accounts…. To settle, you’d have to engage in a risky tactic of deliberately defaulting on the cards…by going 3-6 months past due. This process will ruin your credit rating for sure. Debt settlement is like a roll off the dice with your finances…You can never predict how your creditors will respond to the deliberate defaulting of your accounts…they might settle at 50%…or they might serve you a summons, take you to court…and if they win, you could be looking at wage garnishment.
First you have to talk with your credit card company. After that you can take any step for settlement.
Source(s): Apply credit card :- http://www.deal4loans.com/apply-credit-card.php
my advice is to transfer the amounts from all cards to one card and pay according to your capacity ,for first 6 months there wont be any interest, in the mean time you can pay it at your capacity. if you found any difficulty you can ask that particular credit card bank to give emi facility to complete the same as early as possible.
Depending on the due amount …Speak to the cr card companies n
follow their advise.
All the best n good luck.
I suggest you seek professional advice. I heard that Total Debt Services offers debt consolidations. here is their link
http://www.totaldebtservices.com/
hope it helps~
Please go directly to the Banks, not to go to the Middle Man, they are thug