If you can’t pay back your credit card, you can negotiate with the bank. The bank will generally ask you to repay it in installments.
Legal basis
Article 70 " Commercial Bank Credit Card Business Supervision and Management Measures " In special circumstances, if the amount of credit card arrears exceeds the cardholder's repayment ability and the cardholder still has the willingness to repay, the issuing bank may negotiate with the cardholder on equal terms and reach a personalized installment repayment agreement. The maximum period of personalized installment repayment agreement shall not exceed 5 years. The content of the personalized installment repayment agreement shall at least include:
(I) The balance, structure, currency;
(II) The repayment cycle, method, currency, date and repayment amount for each period;
(I) Whether annual fees, interest and other fees are collected during the repayment period;
(IV) The cardholder shall not apply for a credit card commitment to any bank before the relevant funds related to the personalized installment repayment agreement are settled;
(V) The rights and obligations of both parties and breach of contract liability;
(V) Other matters related to repayment.
Will you go to jail if you can’t pay back a credit card?
If you can’t pay back a credit card, you may go to jail if you can’t pay back a credit card. As long as the bank can prove that you maliciously overdraw your bank card, you will go to jail.
Legal basis
"Provisions of the Ministry of Public Security of the Supreme People's Procuratorate on the Standards for Prosecution of Criminal Cases under the Jurisdiction of Public Security Organs (II) If a credit card fraud is suspected of any of the following circumstances, a case shall be filed and prosecuted:
(I) Use a forged credit card, or use a credit card that is fraudulent with a false identity certificate, or use an invalid credit card, or use another person's credit card to commit fraud, the amount is more than 5,000 yuan;
(II) Malicious overdraft, the amount is more than 10,000 yuan.
"Malicious overdraft" stipulated in this article refers to the cardholder overdrafting exceeding the prescribed limit or period for the purpose of illegal possession, and does not return it for more than three months after the issuing bank collects it twice.
If a malicious overdraft, the amount is more than 100,000 yuan or less than 100,000 yuan, all overdraft interest has been repaid before the public security organ filed a case, and the circumstances are significantly minor, criminal liability may not be pursued in accordance with the law.
Can you auction a house if you can’t afford a credit card?
It is possible to auction a house if you can’t afford a credit card, but it depends on the situation: 1. If the bank does not sue, it will not enter the litigation process, and naturally there will be no court auction process. Banks cannot directly auction the debtor’s property 2. If the bank sues, the bank can apply to the court to seal the property, but it cannot be auctioned. 3. If the person to be executed and his or her family members may seal the residential houses necessary for their lives, the people's court may seal them up, but shall not auction, sell or pay off the debt. 4. If the respondent refuses to repay the loan and the amount is relatively large, the court enforces the procedures, and the property auction process must be followed.
Legal basis
Legal basis
"Provisions of the Supreme People's Court on Seizing , Seizing and Freezing Property in Civil Execution of People's Courts" Article 3
The people's court shall not seal, seize or freeze the following property of the person subject to execution:
(I) Clothes, furniture, cooking utensils, tableware and other essential items for family life that are required by the person subject to execution and their families.
(II) Living expenses required by the person subject to execution and their families.If there is a minimum living standard for local living, the necessary living expenses shall be determined according to this standard;
(III) Items necessary for the person to execute and his dependents to complete compulsory education;
(IV) Undisclosed inventions or unpublished works;
(V) Auxiliary tools and medical items required for physical defects by the person to execute and his dependents to use;
(V) Medals and other items commended by honors;
(VII) According to the " Procedure Law of the People's Republic of China for Conclusion of Treaties", property that is exempt from seizure, seizure or frozen in the name of the People's Republic of China, the government of the People's Republic of China or the government departments of the People's Republic of China and other documents of the nature of treaties and agreements shall be exempted from seizure, seizure, or frozen in the nature of a treaty and agreement;
(VIII) Property that cannot be seized, seized or frozen in the law or judicial interpretation.
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