Dear sir,

It is unfortunate that you are facing such situation. I would advise you to go to any nationalise bank and mortgage your loan and pay back the credit card outstanding because credit card have high interest rate then interest on gold loan approx (9 -12%.) Once you set off the credit card debt it is easy to set off gold loan and as gold prices are rising you will get very good mortgage amount. After one year you can pay the amount and release the gold.

I hope this finds you useful. Kindly reply me for any clarifications.

Regards,

Adv. Divyam Sheth

See it is totally decision of the credit card bank company as you cannot force them to convert it into personal loan you can in written make a request if it is sanctioned they may convert otherwise you may apply for restructuring or settlement.

Take loan fromyour parents 

2) repay credit card dues 

3) in alternative apply for personal loan and with loan amount repay credit card dues 

4) credit card interest amounts to 42 per cent per annum . Repay card dues 

5) bank will not convert credit card dues to personal loan 

Bank ombudsman would not grant you any reliefs

you can only borrow from friends and relatives and repay card dues 

You can contact the branch manager of the concern bank and ask them about some solution. Nevertheless you will have to pay the amount whatever the case may be.

Hi

You can reach out to the banking ombudsman stating your problem and settle the monthly minimum payment to a lower amount.

It cannot be achieved legally,  only the request can work out here.

They can also help only if there is some provision rested with the banks regarding this type of situation. 

Thanks 

- As per the RBI , the  bank should give proper time and offers for the settlement of loan amount.,  on the ground of health and sudden financial loss 

- If , the bank is not agree to give time, then don’t worry and let them to start legal action against you.

- Firstly, the bank will issue demand notice prior to take legal action from the court. You should reply the same after narrating the whole story of business failure etc as per your situation.

- Even, if the bank filed a case before the Court, you will have much time to repay the said loan amount and to settle the matter according your present situation.

- If bank official/people are harassing, then you can do the following for your safeguard.

1. You should lodged complaint at the police station for harassing & threatening , as law not permits anybody to take the law in his hand. If police refuse, then you can approach the magistrate for the same.
2. You can file an injunction case against the bank and its recovery agents for the direction of not visiting the house or office for the recovery of dues amount of loan.
3. You can file a complaint with the RBI .

Don’t worry, In this way , the bank will itself try to settle the dispute with you. 

- Presently , if you will approach banking ombudsman , then they will not cooperate you . Do the needful as mentioned above.

Good luck and dont forget to rating Positively. 

Stop paying minimum EMI. On 3 three consecutive bounce accout will become NPA. NO INTEREST will levy than. Can do one time settlement later. Will get enough time.

Paying 25k interest is waste.

For your credit card payment you may request the bank to reschedule your balance amount in easy installments.

Through ombudsman you cannot get any relief. 

See there is no legal provision as such to settle these loans you have to mutually settle same with the bank only.

Being personal loan  the same will be converted as credit card is insecured debt. You can first seek a personal loan of the whole amount and pay of the credit card bill and then you can pay the personal loan in emi. The question is whether any bank is ready to advance you the personal loan for the same

 You should take loan from some friend or family and clear the dues of credit cards and the cut the cards in Half after blocking them. This is the only way to come out of quick sand of credit cards. 

Credit Card payments cannot be converted to PL by Bank.

Banking Ombdsman do not have any provision as required by you.

Best possible option for you is to raise loan / hand loan from your near and dear family members (multiples of 50,000/- so that the lender cannot also feel the pinch) repay the loans to the bank.

If you start paying only minimum amount due, the banks charge compound interest on the amounts due it will be upwards to 36% pa.

Unnecessarily you will be paying only interest component than principal.  By borrowing in aforesaid manner, you clear off the principal of bank which is the least, and also you can request them to wave off interest since you are closing the payment at once.

First, try contacting your card issuer and asking to have the annual fee waived. Sometimes, this request is granted, while other times customers are presented with retention offers in the form of additional points or miles. Another option is to have your account transitioned to a similar credit card with no annual fee, although it will feature less generous rewards and benefits. Finally, you can always cancel your card and receive a credit for the annual fee shortly after its billed.

One of the biggest problems that credit card users can face is incurring too much debt relative to their available credit. To get out of this situation, start by taking a break from your cards and use other forms of payment as much as possible. 

One always has the choice to get a new credit card and transfer the outstanding amount to that new card at a competitive rate. One can also do that on existing credit cards, provided you have credit balance available on that card. A balance transfer can be an effective way to reduce your debt and get better interest rates.

do not keep too many credit cards. Credit cards are a form of unsecured debt and having too many makes your credit profile riskier. For your personal or business use, keep your credit cards to what is necessary. A Credit card is also easy money and before you know, spending too much on too many credit cards may push you into deep debt.

If you have exhausted all the remedies then you have no option than to allow the creditors to initiate suitable action against you through court of law.

The course of legal action will give you breathing time to decide about repayment and sources for it. 

You should write a letter to the banking ombudsman for converting it into a loan.

Also you may file a writ petition in the high court and pray for a restructuring of the loan and a payment plan.