Dinesh Writes,
Hi Card Bhai,
I was doing exceptionally in the IT industry till the bubble burst . I have credit cards which I did not use after the crash . All my cards had lots of balance . Once I knew that the job market situation was bad , I simply cut my cards . I tried paying my credit card bills somehow taking money from family and friends . Now I got a job for just 8,000/- 1/6th of what I was earning before the crash. I am not getting anymore support from my family or friends. I do not own any property or valuables which I can possibly sell to pay back my debts . I am requesting the banks to give me time . I have every intention to repay back my debts . If they do not accept the reasons , what is the solution . Do advise . Can they make a criminal case out of a civil one ? My background has always been good and all my payments have been on time . After the crash , I lost my job and had no job for 3 months . As the IT industry is improving , I expect a hike in my pay . I can't possibly pay back at one time . My intentions are very good . Please help .
Dinesh:
I am really sorry to know your state. But unfortunately, we are in a society dominated by crooks called Capitalists who are only worried on how to multiply their Capital.
I understand your problem, but going by the rules, missed payments / late payments are already marked on the Credit Report
Check out how, hereIt is Good that you have good intentions to settle all your cards. Best strategy is to first get rid of the Lower Balance Cards before they become Bigger Headache. Also go ahead and sit and try to negotiate with your Banker. Legally, they can file a case, but if they are convinced that you are going to repay, they may not go to that extreme as they also have to recover their debt.
Beg / Borrow from friends, relatives, company and get rid of this debt.
