How to come out of Credit Card Trap due to Medical Emergency ?

POSTED BY sadat1310 ON December 4, 2013 2:21 pm COMMENTS (7)

Dear All

I have a question to all please help me i am in a very big credit card trap . I hold a HDFC bank credit card unfortunately due to medical emergency i had swiped my credit card for 35000 in a hospital and i was not able to pay the amount in time so i am paying a minimum amount due from the last  two months and i am also paying almost interest of around 1000 extra with it.

Now i am requesting the bank to give me  at least a balance transfer or a emi facility so that i can clear the outstanding due to know i hold this card form the last 4 to 5 years i due my payment in time but this is the only time i am facing this problem but those people are telling me no to emi no to balance their is no offers on my card at all in this please please tell me what is my next option in the time when peoples salary is low and the cost is more who likes to pay 1000 extra for no use if you can please please find a solution to my problem i would be very grateful to you .

 

Thanks and Regards

sam

7 replies on this article “How to come out of Credit Card Trap due to Medical Emergency ?”

  1. ashalanshu says:
    December 5, 2013 at 8:32 am

    Dear Sadat, can you not redeem some of your investments if any to pay off this loan? where is your salary account? where is your normal banking account? What is your mly income? What are your mly expenses? Do you have PPF or PF? Do you have any Gold?

    thanks

    Ashal

    Reply
  2. rahul123 says:
    December 4, 2013 at 5:01 pm

    I don’t have any particular name in my mind, you can talk to your friends/other banking institutions, they will tell you whom to approach….or you can call justdial and take the contact number of loanprovider in your area.

    Note: Please do not take loan more than 35000 and don’t get into the trap again, bargain for interest rate (if its more than 18%, don’t take it, approach some other person). Make sure this time you pay the loan emi on time, cut all your expenses and pay the loan.

    Reply
  3. sadat1310 says:
    December 4, 2013 at 4:55 pm

    Dear sir the current outstanding is only 35000 i do not know from where to take loan and settle them please if you know any thing like that please let me know what to do please

    Reply
  4. rahul123 says:
    December 4, 2013 at 4:48 pm

    1. What is the current outstanding loan amount?

    2. Talk to senior managers in your branch (if possible -main branch) with all documents(related to your regular payment etc), see if they are ready for one time settlement.

    3. Take personal loan (14-18%) from other institution and settle it with hdfc. And take a no dues certification from them.

    Thanks,
    Rahul

    Reply
  5. sadat1310 says:
    December 4, 2013 at 4:18 pm

    Dear sir

    Thank you very very much for responding to my message the first thing is that i requested them on the mail and verbally to convert that into personal loan or give me some other offer so that i can pay it they told me that they have no options at all to help me either emi or loan i pleaded to them but nothing is happening secondly i have the mail communication also i was with them for the last 4 to 5 years but still their is no result so please let me know any other option please

    Reply
    1. Ashish Garg says:
      December 6, 2013 at 1:44 pm

      Hi Sadat,

      Instead of paying minimum balance, start paying in lump sum at least, this will reduce your interest outgo.

      Suggest you look at your investments whatever you have and use some part of it to clear the dues. In case you do not have investments etc with which you can clear the dues then ask your friends / relatives to help by giving you this amount as loan (either interest free or at a lump sum interest).

      Else, look at your employer if he can extend you the loan and amount can be deducted from your salary on monthly basis. If nothing works then look at personal loan (equal to balance amount) from a bank offering lowest possible interest rate.

      Thanks,

      Ashish

      Reply
  6. rahul123 says:
    December 4, 2013 at 4:02 pm

    1. Have all communication in written format, no verbal discussions.

    2. Best thing is to convert the dues in personal loan. The rate of interest they charge on personal loan is around 14-18% (against credit card interest 24-36%).

    3. Tell them with confidence, that you will not pay if they don’t restructure your loan.

    4. Talk to senior people only (if possible go to main branch).

    5. Good thing is that, you are paying some amount regularly, some senior person will listen your story and may order subordinates to restructure the outstanding.

    You need not to be afraid of them, you can default on the amount, no way they can harass you in any manner. The worst thing will be that your CIBIL score will be affected.

    Thanks,
    Rahul

    Reply

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