1. The credit card company may agree for this arrangement orally or even by writing but when it comes to practical situation, they will put blames on the computerized system of recovery and even may assure to rectify the same as per the originally agreed conditions, however despite your best efforts they will remain lethargic and may not oblige till you approach a consumer forum for this.
Therefore you may ask them to proceed legally through court of law for recovery, where you can challenge the case on merits and can seek time for settlement in installments.
2. The credit card company will notify the CIBIL the details of all their outstanding debts immediately in the periodical returns they submit to them.
There is no time limit for that.
At the same time the collection agents would be pursuing the collection program simultaneously.
3. You have to approach the manager of the credit card company directly and negotiate all suich issues.
The collections agents are helpless in this regard.
4. You can verify the same from CIBIL website.
5. You will come to know when they issue a legal notice, but generally they will try to threaten you through the collection agents itself, if you appear not to be afraid then they may initiate further legal action
6. You are the better judge of your situation, so you chalk out a plan to confront the situation accordingly.