Credit Card Default - how to buy time, stop relatives' harassment
Credit Cards in default - how to stop harassment and buy time for repayment.
I have defaulted on credit card dues, all taken on personal basis of my job.
Now lender collection agents are after my aged mother and a business owned by my wife.
(this business put us in financial distress, but it needs more funds and time to turn around.)
I need couple of things -
1. how buy time for couple more years ( we still need to invest in business.)
2. how to stop them from harassing my aged mother ( they are making visits and threat calls.)
3. how to stop them from harassing the business and employees, which may ruin my wife's business, as employees may leave, and I may not have any way of turning these losses around.
In fact, I offered them to settle as well, but to take it off the CIBIL,
they are asking for Rs.50,000 more.
The history:
I made purchases of around 1.5 lakhs on the credit card in 2011.
I made payment of 1 lakh in 2014
Now they have offered 1 lakh more to settle, clean CIBIL.
But when I am ready to pay they say I need to pay 0.5 lakh to clean CIBIL.
I am abroad for 3+ years, and my wife and kids are with me abroad for 2+ years.