Hello !
I have total outstanding of about 8 lacs on various cards (SBI/HDFC/Kotak/Citi/Standard Chartered). I have lost my job due to the company downsized the staff. I can't afford to make the minimum amount due on this card and while I am looking for job they hv started charging 36% compounding interest on all oustanding.
I will be not be able to pay such high amount as I am laid off on a senior role and would be difficult to find such role immediately.
Kindly advise as to what should I do?
Should I write to each card company informing about facts or once I get a job should I try for settlement? Do they settle by waiver of such penal interest/fees?
When the card company will approch settlement? What are legal consequences? Can they file a suit?
Regards
