What delinquent credit card holders should know & do?

In relation to my previous post SC G.R. 175490 for Philippines Delinquent Credit Card Holders dated October 23, here are some unsolicited advice that you may consider in handling your delinquent accounts:

KEEP IN TOUCH – Never cut the communication between you and the concerned credit card provider/s or collecting agency/ies making follow ups on your account. Why? It shows your good intention of resolving your account.

REPORT – In case you retire, resign or will have a new employer, or any changes in your residential information, do not forget to notify the bank. This is very important especially if you are delinquent because you will be violating R.A. 8484 (Access Devices Regulation Act of 1998) and you can be charged with a criminal case.

KEEPING RECORDS – It is very vital to keep your monthly statements of account as reference and evidence, if ever, in case your credit card provider/s will not supply you. If you have these, you can personally re-compute your account according to the Supreme Court ruling and can tender offer to the bank or collecting agency with legal reference.

AGREEMENT FIRST – In case you want to settle your delinquent account, be sure that you have the agreement in black and white so you have record/s on file for your protection.