First, the credit card is 60 installments in 5 years, which means personalized repayment.
1. Article 70 of the Measures for the Supervision and Administration of Credit Card Business of Commercial Banks stipulates: Under special circumstances, if the amount owed by a credit card is confirmed to exceed the cardholder's repayment ability and the cardholder is still willing to repay, the cardholder can negotiate with the issuing bank on an equal footing and reach a personalized installment repayment agreement.
2. The longest term of personalized installment repayment agreement shall not exceed 5 years. If both parties reach an agreement and sign an installment repayment agreement, the card-issuing bank and its card-issuing service institution shall stop the collection of the cardholder, except that the cardholder fails to perform the installment repayment agreement. If an oral repayment agreement is reached, the issuing bank must keep the recorded data. Records shall be kept at least until the date of settlement of arrears. Personalized installment repayment is what we call "stop paying the bill"
First, how to improve the success rate of negotiation and staging?
1. Provide evidence of temporary insolvency due to force majeure (such as hospitalization, bankruptcy, unemployment, etc.). ), including personal credit, hospitalization certificate, no work certificate, etc. Prove to the bank that it has really encountered practical difficulties and it is temporarily impossible to settle the arrears in one lump sum.
2. Make a repayment schedule to let the bank know that it is only temporarily unable to repay in full, but it has the willingness to repay and the ability to repay by installments. It is best to provide proof of work income or running income, otherwise the bank will certainly not believe it if it only expresses verbally and complains blindly instead of taking action.
To keep in touch with the bank after the deadline, negotiation is a process, not a phone call, and negotiation methods and skills are very important.
Second, matters needing attention:
1. During the personalized installment repayment period, overdue credit cards cannot be applied for any bank's credit cards, and new loans from financial institutions will not be approved. After five years, the arrears will be paid off, and the credit information will automatically return to normal before the credit business can be handled again.
2. On the credit report, the status of the credit card shows that payment is stopped, and it is overdue every month, that is, the credit card is frozen, and only the money inside can be returned, and the credit card cannot be used for consumption.
3. After the personalized installment repayment agreement is reached, the repayment must be completed on schedule. If it is overdue again, it will be very troublesome. The bank will recover the overdue penalty interest and demand full payment or direct prosecution. The above are the advantages and disadvantages of personalized credit card installment. There is no perfect solution, so you should choose carefully according to your own situation. If your credit card is overdue in many banks, you should make a comprehensive plan, stop the loss in time and go ashore as soon as possible.