Converting my Credit Card dues to EMI

POSTED BY black131078 ON January 16, 2014 10:14 am COMMENTS (2)

Dear all gurus and financial advisers Good Morning

I know that most of the people must have gone through a situation like me in their past life and come up with good advice and did not make the mistake once again . In my case it so happened that i am working for a worst company MNC which does not provide health insurance and the salary is also not up to the mark what to do if their is no employment then what to do we have to join MNC my wife was pregnant and and unplanned emergency occurred and we had to admit her to a private hospital at that time i had asked help from my office but was denied so i used my credit card and swap my credit card for 50000 rupees and thought that i could convert it into EMI from HDFC Bank but unfortunately when i asked them to convert it into EMI they denied saying that this scheme is not available in your credit card.

So i am paying monthly minimum amount due, I am pleading them to convert them into emi but their are not agreeing any idea what should be done in this case and another problem is that at the same time i had an medical emergency had dengu fever and had to pay 21000 to hospital charges and had convert 21000 as a emi to my other credit card and next month is the date i am looking out for a personal loan to clear out my deals and pay it on emi another problem is that when i applied for a personal loan the bank people are saying that you have a long outstanding according to the cibil records i do not understand what is a long outstanding mean because i have made all payments to my credit cards i have not defaulted my credit cards or gone for any settlements so do not know what to do in this case please give me some good advice please

2 replies on this article “Converting my Credit Card dues to EMI”

  1. Ashish Garg says:

    Hi Black,

    As suggested by dear Ashal, please start repaying as much as you can for the credit card dues. Faster you repay better for you. If continue to pay the minimum it will take you a few years to settle the full amount and it will badly effect your future loan prospects as well (say if you wish to take home loan etc in future).

    Since you are only paying minimum due, your actual outstanding is not paid in full and hence bank is saying that you have a long outstanding. To clear that fast, best avoid using credit card and pay the maximum you can every month.

    Also, when you know that your company does not provide the health insurance, you should have bought one on your own. Though most does not cover treatment related to child birth but at least your hospitalisation for dengue would have got covered. Anyways, better late than never, look for these avenues now.


  2. ashalanshu says:

    Dear Black, first of all stop using all the credit cards. Now start repaying maximum, as you can, in your wife related CC. Minimum due is not going to help here. If you do have some FDs or RDs or some other investments (even gold jewelry), liquidate the same to come out from this very costly debt trap of CCs.



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