Hi,
My father is 62 years old and currently has an credit card outstanding of Rs 20,000/-
He has been totally ripped off over the last two years as he has only been paying the minimum payable amount every month (approx. Rs1200/- x 24 months) and his outstanding never went down substantially. I get nightmares thinking about the additional 20 k if we have to finish up remaining dues.
Is it a good idea to go for settlement with the credit card company?
Is it important for him to keep a good credit score in his retirement?
I assume he wouldn’t be getting any loan here on anyway, as he is retired. Am i right?
Will it reflect on the CIBIL score of any of the family members?
On contacting the credit card company, we were told that there should be no payment made for three months to be eligible for a settlement. This would technically bloat the outstanding even further. Is it worth taking the risk and going through all the turmoil dealing with the credit card company?
Can someone who knows the rules help me with some rational advice?
Thanks