Credit card non payment

I would like to know if you don't pay regularly credit card payment what's the worst senario. I would like to share my case, I was working for an Australian based company in Bangalore all of a sudden the company stopped paying salaries and was paying partially and stopped. My friend had purchased 3 phones and had returned back and the amount had been sent back from the vendor last September. Had been to bank and asked them to clarify and they told they will get back but no one responded. I spoke to customer care executive and told my problem executive told to make minimum payment and will rectify the problem in meantime I did minimum payment then waited and next month same they didn't rectify and I lost job. I was unable to pay back the amount now the amount has come to 132500 and bank is demanding for entire amount. I had made a minimum payment of 8k 2 months back and had asked for settlement and executive called me on 25 of this month and told it's my last day and have to pay 67500 for settlement, per month I have to pay 10 to 12 k I agreed but requested him I get my salary on 10 so give me time untill then he denied tellling youmake the payment today r nothing can be done. today I had been to bank I spoke to executive he told u have to pay entire amount or face consiquences I requested him I will make the payments every 10 my salary has come down from 30 k to 20 k I have to pay other loans but promised to pay everything but they refused what should I do? Moreover they are asking for proof about the conversation I had with executives and denying everything.they are telling pay today and will be able to give 4 instalments i requested until 10th I will get paid and won't be able to pay 65 k in 4 instalments but they didn't accept What should I do? Any way out?