I have been using a credit card for over 15 months. I have used to the maximum limit over a period of time but have always been paying minimum or more than that, In fact I have paid much more than what I have used. I want to close that card at a minimum pay and as on date the due is still the same old 31k...I have never used so much and paid more than what I used. I have to clear it tomorrow...some one is going to come over to collect the settlement amount ...pls suggest.
2006-08-22 19:48:56 · 9 answers · asked by Jeff_from _India 1 in Business & Finance ➔ Advertising & Marketing
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2006-08-23 08:37:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I am answering this question assuming that u r an indian.
When the next payment becomes due ask the telemarketing executive to send a collection guy to collect the dues. U can negotiate with this collection guy to settle the credit card dues. He can offer u the best deal.
The other way is to go and meet the executive at the bank and offer for a settelment. They usually give some dicount.
Since u have been paying the MAD ( minimum amount due) the principal amount is still pending , it seems. This happens because whateve u pay every month goes towards finance charges, service tax and other fees so it is always wise to close the card if u cant make the full payment on the due date.
2006-08-22 20:19:09 · answer #2 · answered by shodhanb 2 · 1⤊ 0⤋
It sounds like what you are saying is you have spent to the max of the card or over and with the payments you have made and the spending you've still done that the amount owed never seems to go down. That would be because you still spend on it and the finance charges that accrue each month according to what you owe are eating up what you are paying. My best advice is stop spending cut up the card or lock it away so you can't use it. If you cancel it you can hurt your credit rating but if you have gone into collections it may not matter because that in itself will hurt your credit rating. If you have the money to pay it off by all means you should if not you'll have to suck it up and pay it off little by little. You can try and negotiate with a collector if you do not have the full amount to pay it off tell them that if you have enough cash to pay half or 2/3 they may take that as a payment and you may be able to negotiate your way out of the debt. Other wise you may have to set up a payment plan with them. What ever you work out with a collection agency you need all the details in writing, how much to pay, how often, where to send payments/or drop off, and when it will be done. Good luck.
p.s. you can improve a bad credit rating just by starting to make your payments in a timely manner and not missing, but it will take time to completely improve.
2006-08-23 09:02:05 · answer #3 · answered by jamesnjenifer 3 · 0⤊ 0⤋
right it really is the problem. once you repay a debt it quite is in collections, each and each of the creditor is had to do is prepare "paid" on your credit record, and that it now has a nil stability. yet all of the different unfavourable innovations remains there. overdue expenditures, fee off's, collections.....it really is precise there, and it is going to proceed to damage your score till the 7 3 hundred and sixty 5 days reporting era expires. those those who state that paying off this variety of debt might want to really help your score are both mendacity, or completely uneducated on how credit reporting works. you may make sure my answer through asking any loan personal loan officer. And sometimes, paying off your debt might want to easily damage your score. What you want to do is negotiate a freelance with the creditor. In replace for paying off the debt, they ought to agree IN WRITING to DELETE the debt out of your credit record. it quite is the basically pay you'll strengthen your credit rankings. they'll inform you the won't be able to do it....that is a criminal offense or another nonsense. i visit assure you that there is not any regulation suffering with a creditor from deleting any merchandise they positioned on your record. there is no longer something in the credit bureau's person contract suffering with it both. in the journey that they gained't delete it, it really is basically because they need to proceed to punish you! Why might want to you want to pay this debt, basically to have your credit to be ruined for 7 years? makes no experience to me.
2016-11-27 00:14:09 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Somehow, you have to pay what credit you have taken on this card. If some scruplous entry is there, point it out. and close the card.
2006-08-24 00:03:44 · answer #5 · answered by Mani G.India 4 · 0⤊ 0⤋
jish bank ka card hai aap kahiya ki hum nahi de payenge baki bacha paisa, kripaya settlement kar lijiye, bank kar lega, mera
bhi asia hua tha,jitna amount tha oshe kam mian ho gaya tha
settlement, main six month ka cheque equal amount ka diya tha.
aap bhi kosish kar ke dekh lijiye.
2006-08-22 20:13:23 · answer #6 · answered by Sanjay S 1 · 0⤊ 0⤋
i don't get your question, but if you owe the credit company, and don't pay, you will have low credit score, which means you won't receive any loans, like loans for a car or business.
2006-08-22 19:55:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Get assistance on using credit card....... as
2006-08-22 20:14:03 · answer #8 · answered by ♥ forever 2 · 0⤊ 0⤋
do not pay andmake a complaint urgently in a written doccument that you do not want any more of yor services.
2006-08-22 19:55:15 · answer #9 · answered by MADDY 3 · 0⤊ 0⤋
call them and cxl the card or cut the card up
2006-08-22 19:52:01 · answer #10 · answered by typhaniee0027 2 · 0⤊ 0⤋