When China Merchants Credit Card enters the legal stage, you can take the initiative to call China Merchants Bank and negotiate with China Merchants Bank about repayment. If the negotiation is successful, then China Merchants Bank will cancel the preparation for prosecution, and you can repay as agreed. Or pay off all credit card debts directly, and China Merchants Bank will automatically withdraw the lawsuit.

For China Merchants Bank, the purpose of prosecution is to make users repay. As long as the user repays, China Merchants Bank will not sue.

According to Article 70 of the Measures for the Supervision and Administration of Credit Card Business of Commercial Banks:

Under special circumstances, if it is confirmed that the amount owed by the credit card exceeds the cardholder's repayment ability and the cardholder is still willing to repay, the issuing bank can negotiate with the cardholder on an equal footing and reach a personalized installment repayment agreement. The longest term of personalized installment repayment agreement shall not exceed 5 years. The contents of personalized installment repayment agreement shall at least include:

(a) the balance, structure and currency of the arrears;

(2) the repayment period, method, currency, date and repayment amount of each installment;

(three) whether to charge annual fees, interest and other fees during the repayment period;

(4) The cardholder shall not apply for a credit card from any bank before all the funds related to the personalized installment repayment agreement are settled;

(five) the rights and obligations of both parties and the liability for breach of contract;

(6) Other matters related to repayment.

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.

What about overdue cancellation of credit cards?

If you want to reduce the interest after the credit card is overdue, you can apply to the issuing bank to stop payment. If the application is successful, the arrears will no longer generate interest and will naturally decrease. However, it should be noted that the interest generated by the previous arrears will not be exempted, and it is better to put it on the bill together with the principal. The customer needs to pay it off on time.

And even if the customer directly applies for interest-free, the bank will probably not agree. If the customer fails to pay for a while, he can try to extend the repayment period and repay the arrears in installments while applying for suspension of interest payment. In this regard, the bank will consider it as appropriate.

As long as the customer does not intentionally repay, but does not have the repayment ability, the bank may agree, and then the customer can repay in installments according to the repayment plan newly negotiated with the bank.

Of course, it is best for customers to avoid overdue situations and develop a good habit of repaying on time. If you find that you can't pay off the bill in full, you can actually apply for bill installment before the repayment date, or pay off the minimum repayment amount of the bill first. r