I had a credit card from a bank in my home country and am now on employment in Middle East. Because of certain financial reasons, I cannot pay the outstanding amount ( the minimum payment too is high). The firm has called and informed that they will go legal if i dont settle by the month end. Paying the amnt is not possible as of now. The last payment made was about 5 months ago. What is the best recourse I shall take in this situation and to what extent can the bank go in getting their outsatnding.
2007-06-04 21:35:25 · 2 answers · asked by PB 1 in Business & Finance ➔ Credit
If you default I will never loan you money!
2007-06-04 21:42:58 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Just be honest with them about the situation. Let them know exactly what you typed - you are not able to pay the balance in full OR the minimum payment. You have not been able to do this for some months now, but you still want to pay the debt.
See if they will make some kind of payment arrangements with you - even if you can only afford $20/mo, try it and see if they'll agree. You may also want to add that you can make additional payments once your income is more steady.
Do whatever you can so they don't take legal action - that can be a major headache. And seeing how you are far away...what a mess!
Good luck.
2007-06-05 12:56:15 · answer #2 · answered by YSIC 7 · 0⤊ 0⤋