I am a City Bank Credit Card Holder, and they have let me of Rs. 1,30,000, by calling through phone only, due to some financial crisis, i am a defaulter to that. But, City Bank charging nearly 42% interest on the total amount which was already calculated the fixed interest on EMI. Now, if I offer them for One time settlement, they are asking to entire amount, but only they relax the future interest. Kindly help me
Sorry to say but you have fallen into credit card trap.You should have taken interest charges on a credit card into consideration before availing there credit facility. Though the threat of not paying can make the bank do settlement but be aware that in future you would not be able to avail any kind of loans since your name would be in defaulter list maintened with CIBIL ( Credit Information Bureau ( India ) Ltd.) , where each bank has an access to verify the credentials of a person applying for any loan product / credit cards.
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You've fallen into the well set `debt trap' by the credit card companies, indeed ! But, I think you can still try calling up a senior customer service associate of the card company. They don't want to lose a customer (Particularly, if the customer is so ignorant and willing to pay the dues in due course, why should they kill a hen that gives golen eggs?). Tell him/her politely and sincerely about your problem and ask him only to suggest a agreeable solution. I'm sure he'll find a way in order to ensure that you are not forced to be a `defaulter'. After all, what's their advantage ? Pl. try to contact the highest possible authority of your card company about this. I'm sure if he deserves his appointment in the company , he'll show you the way to get out of this situation. Pl. note - The lower / middle class employees only follow the laid down rules..they are not bothered about the long term interest of the company and don' apply brains.. All the best to you.