1. What to do if the credit card loan cannot be repaid
1. Repay according to the minimum repayment amount.
If you cannot repay in full in the short term, you can choose the minimum repayment method to repay. Generally speaking, as long as you repay 10% of the current bill amount, it will not be considered overdue, but the remaining unpaid amount will no longer enjoy the interest-free period, and interest will be accrued in full from the date of consumption, with extremely high daily interest rates. Fifth, compound interest is calculated monthly. Therefore, the longer the overdue repayment period, the greater the interest compounding interest.
2. Modify the billing date.
Modifying the bill date can extend the repayment period, which is equivalent to one more month of interest-free period. However, this method is not applicable to all banks, and the requirements of each credit card application platform are different. For example, China Merchants Bank can only make modifications if there is no debt owed. Therefore, it is best to consult before doing this. Ask the card issuer.
3. Negotiate with the bank.
When you are unable to pay off your credit card debt, you can approach the credit card application platform to negotiate repayment. After all, credit card defaults will not only affect personal credit, but may also lead to criminal liability. If the bank has not paid off two collections in three months, it can be classified as a malicious overdraft. Therefore, cardholders should negotiate with the bank before the overdraft.
2. What to do if you are sued for not paying back your credit card
If you are sued for not paying back your credit card, you should proactively contact the bank to see if the case can be mediated privately. If the bank agrees, it should draw lots and pay off the debt as soon as possible; if the cardholder is really in financial difficulty, he can communicate with the bank to negotiate an extension of repayment; usually the bank just hopes to recover the debt as soon as possible, and does not really want to It is generally possible to take the cardholder to court, so the cardholder guarantees that he can repay the money as agreed and take action later. If the cardholder takes no action, it may be considered a malicious overdraft. Malicious overdraft refers to the cardholder's behavior of overdrafting beyond the prescribed limit or within the prescribed period for the purpose of illegal possession, and still refuses to return the card after being called upon by the card-issuing bank.
After the credit card is overdue, the bank will send text messages and phone calls to collect collection. It is best for cardholders not to resist. When the bank calls, it will be answered as soon as possible. Don’t think that you can not answer the call if you have no money after the due date. If you change the phone number or change the number so that the bank cannot be contacted, the bank will only think that the cardholder is maliciously avoiding debts and will call the cardholder's contact person. When a credit card is overdue, penalty interest and liquidated damages will accrue. The cardholder must add the principal owed and the interest incurred to calculate the actual amount owed, and then determine how to repay based on his income and debt situation. If the cardholder is overdue for no more than 3 months, the cardholder should repay the money as soon as possible if he can easily pay it back by himself, instead of borrowing money from family members, relatives and friends to repay the card.
If you are unable to repay your credit card debt, you must proactively contact the bank that issued the card and explain your financial situation. If you obtain the consent of the card-issuing bank, you can apply for a deferral of repayment. Overdue credit cards will have corresponding consequences. Not only will there be overdue interest and late payment fees, but you will also face various collections from the bank. There are two main collection methods, one is to call and the other is to send text messages.