Questions & Answers
How to settle the credit card payments with the bank that demands a lot more?
Hello,
Some time ago I took a credit card with AED 15,000 credit limit. I ran into financial issues and the bank gave a cheque to the police and I paid the fine.
Now I want to settle and close this with the bank. I spent AED 7,500 on the card and I already paid AED 25,000 to the bank because of late payment fees, interest, over-limit charges, etc.
But the bank is demanding an additional AED 25,000.
Does that mean by spending AED 7,500, I have to pay the bank AED 50,000???
Is this allowed by the bank because it seems very unfair?
How can I resolve this issue?
Hi,
Yes, it can be resolved. CC the Central Bank in your email and ask the bank about the reason for demanding the payment of AED 50000/-
Submit a request to the bank to reschedule the loan, explaining what you have paid.
If the bank insists on unfair interest, submit a complaint to the Central Bank against the bank.
