Questions & Answers
What is the maximum discount given by the bank or court for unpaid credit card debt?
Hi,
I have an outstanding credit card amount of AED 22,000 unpaid since March 2019, which has now gone up to AED 38,000.
Since Nov 2020, a third-party debt collection agency is behind me for this amount. Now the bank is directly negotiating for AED 18,000 in one shot payment. I am unable to pay this amount.
As per your experience, what is the minimum amount that banks will agree with to close this issue?
If they go for a civil case, will the judge grant me a lesser amount to pay?
Dear Questioner,
Please note the minimum and maximum amount of discount given by the bank is completely under their discretion and the internal policies. I have no comment on that.
Further regarding the second question, please note that you may request the court for installment payments to the court that the court may agree only after consulting with the bank.
Regards,
Rajasree Ravivarma
