I have used a credit card from private bank for around Rs.7000/-, bcoz of My health was upset and was admitted in hospital for almost 6 to 7 months I am unable to repay it back. Now the bank have sent a intimation letter through an advocate and now the amount they are asking me to pay is Rs.17000/- with interest....kindly suggest what can be done now?
1 Answer from Attorneys
Dear Sir / Madam,
Banks (whether scheduled, private or co-operative) are here to do business and are not for compassion or charity. A credit card outstanding is a debt and you are liable to settle it. At the most, you can settle the outstanding immediately with a request to the bank to reduce the interest liability, but this concession is purely at the Bank Manager's discretion.