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Credit Card Bill: If you do not pay the credit card bill on time, 36 to 48 percent interest may be charged and your credit score may fall. Not only this, bank recovery agent can also come to your home. If you also use a credit card, then know what problems can come to your door due to not paying the bill.
Nowadays everyone can get credit card. Because of this one card, shopping, travel, dining everything becomes easy. But if the bill is not paid on time, it may cause problems for you.
If you also use a credit card, then you must know what problems can come to your door due to non-payment of bills and what the bank can do for recovery.
Delay in paying bills will be costly
First of all, interest is charged for not paying the bill on time i.e. paying the bill late. Credit card interest ranges from 36 to 48 percent per annum. This means that even with a delay of one month, thousands of extra rupees have to be paid and the liability keeps increasing. Also the credit score falls. It becomes difficult to get a new loan card or loan for a home or vehicle. If the bill is not paid for a long time then the liability reaches lakhs. People think that if you leave it, you will not pay, but doing so will invite bigger trouble.
Banks can take this action
In such a situation, banks do not remain silent. First come phone calls, messages and emails. Then send third party recovery agent. These agents come to home office and talk to neighbors. His behavior is often rude. In such a situation, your respect also becomes a question. People are filled with embarrassment. If a person does not agree to this then banks send a legal notice. A legal notice comes through the lawyer that you will have to pay the money otherwise you may have to go to court.
property attachment order
If the payment is still not made then the bank goes to court. From there you can take order for attachment of property. This means that your home, car and bank account can be seized. The bank has full right to recover the money. Many times people think that they should run away or hide in such a case but CIBIL gets spoiled. Loan is not available anywhere. There is problem in background check even in job.
If you ever face shortage of money, talk to the bank. They convert EMI or give settlement offer. Some money is also waived off by this. But ignoring is the worst option.
