Legal Question in Banking Law in India

I've few credit cards with major cards. Together im due upto 4.4
lakhs...and now im jobless. What are the consequences? will i be getting
legal notices or arrest warrants? It has been 4 months since i stopped
making any kind of payments...changed my address and phone number too.
nothing or no one showed up yet.
will it have any impact if i get a
new job after a month or two. Will they be able to trace me and if they
are able to after an year or two or 4 years, what will happen?
will bank be able to claim this amount via insurance they've for cards?

Asked on 10/24/15, 7:59 pm

Fca Prashant Chavan Expert Edge LLP

0 users found helpful

0 attorneys agreed

25.10.2015

Dear Sir / Madam.

It is advisable and recommended to pay up and settle all your credit card dues to avoid serious hassles in future.

Regards,

Answered on 10/25/15, 2:45 am

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