Credit card settelment

[dvsromy]

Dear Sir,
i have a HDFC card- my total outstanding acording to bank is 108,000Rs. acording to me from march '11 to May ' 12 i spent around Rs 168434 and pay them around rs 111500. Rest in other charges. now i am jobless and not in condition to pay Rs 1,08,000 in any case. i write to bank about settelment but they are saying that- “we would like to state that settlement on the card account is at the discretion of the Bank and as per Bank terms only” it means they are not in mood to give me consation. now i need your guidence in following
1- how can i negotiate with them.
2- how mouch amount i can save in negotiation.
3- what is the legal option bank involve in my case. are they involve police ?
i want one time settelment but in condition to pay more then 40-45 k.
please guide me. waiting for ur reply
Regards
DJ

 

[cardbhai]

Yes they are right, only they can invoke settlement.

1. Until the matter is settled, continue to make Minimum Payments so that your credit history will not be affected.

2. Try availing Loan from your Friends, Family, etc [split the amount] and pay off the Credit Card.

3. Also you can avail Personal Loan for 24+ months tenure at 12% Interest and Pay off the credit card. So when you apply for this, they'll see you are making regular payments on your credit card and it is a very good indicator.

If I were you, I'd borrow some from Family, Friends Personal Loan and first pay off the higher interest credit card.

Best,
Cardbhai