What to do if I lost my job due to COVID-19 and have credit card and loan?

Question

Q: I have 3 credit cards and a loan. Now I have resigned from my job due to the Covid issue and last year there is a deduction of my salary and unpaid leave… A: Approach the bank and explain your situation and request a temporary relief that can be offered to you in light of your current situation…

Rajasree Ravivarma · Accepted Answer

Dear Questioner,

Thank you for writing to me.

It is recommended to approach the bank and explain your situation and request a temporary relief that can be offered to you in light of your current situation.

Explain to them the circumstances of your default and reinstate your commitment to repaying the debt once you secure a job.

Though not obligatory, banks are more inclined to cooperate and support their customers during such circumstances.

Regards,

Rajasree Ravivarma

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