Legal Question in Banking Law in India

Dear experts

I hold a credit card it's outstanding is 1.37lakh, due to unemployment I was unable to pay, I was paying the minimum amount but since last 2 month's am unable to pay the minimum amount, but now I can't pay because of worst financial condition, I ask bank that am having some problems it's Temporary I will be short it out at earliest give me month time. But they are not ready to listen I request them many time in written also final they send me Lawyer Notice to clear the total outstanding within 7 days. otherwise the bank will take legal action on me.

My question what should I do if am unable to pay the payment ?

If I don't pay the amount within 7 days what legal action the bank will take on me.

Please share your valuable suggestions/ advice how can I come out of this.

Vardan

[email protected].


Asked on 7/15/16, 9:00 am

2 Answers from Attorneys

1) Discuss with the Bank for rephasement.

2) Bank will file recovery case against u.

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Answered on 7/15/16, 10:37 am
Fca Prashant Chavan Expert Edge LLP

16.07.2016

Dear Vardan,

You will have to repay and settle your credit card dues else let the law take its own course.

Regards,

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Answered on 7/15/16, 9:01 pm


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