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Date : Dec 31, 2008


Hi I am writing this to get some information on credit consuleing. My father has about 3 lakh outstanding on his credit cards, primarily due to loss in business and he was using credit card to mobolise his working capital. I am in well setteled job but every month I have been helping my father in making the payments someitme in full or minimum. I want some information/guidance on if it will make sense to go for credit consuelling and get rid of this burden and get, more importnatly peace of mind for my father. I do have some cash and other investemnets like insurance policies which i plan to liquidate and get around 1.75-2laks in cash and use that to pay off the credit card dues. Do you know any credit consulleing centres that we can use. Also wanted to check if this settelment with credit card company will have an adverse effetc on my fathers credit or even my credit Please let me know


The best solution is to pay off the credit card dues. Settlement has an adverse effect on your father's credit profile. To know more click on settlement. But settlement would not have any effect on your credit profile as you are not the owner of the debt. If you want, you can contact credit counseling agencies such as Disha Financial counseling. For details on credit counseling apnapaisa.com/2008/10/31/credit-counseling-get-help-to-deal-with-your-money/" target=_self>click here.




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