Ask an Expert
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Date : Aug 22, 2008 Question Hi, I hold HSBC credit card. Due to my financialcrisis i have not paid the credit card bill for 4 months. After 4 months i paid 12000 INR against a outstanding of 82 thousand. Now four months passed and they told that they will take a legal action on me. I cannot pay the whole amount and now i want to make a settlement for 30000. Will HSBC agree for the settlement or not. Answer
When you go
in for a settlement, banks can and will legally report you as a defaulter - to
the extent of the dues foregone by them - at the credit bureau. All
details concerning your default stay at the credit bureau for 7 years. In this
period, anytime you apply for a home loan, personal loan or a credit card the
details of your default will show up during the verification process and it
becomes highly unlikely that any lender will lend you credit. If you are unable
to pay your credit card dues at one go, ensure that you always pay at least the
minimum due amount, generally 5 % of your outstanding. In the meantime, find a
concrete solution as this is just the breather. To know more on settlement click onEffects of settlement. |
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