Legal Question in Banking Law in India
If a debt is over 5 years and we haven�t heard from the bank? All of a sudden you get a call from a collection agency posing to be calling from the bank, and start harassing to pay with illegal treats, since the debt has crossed statute of limitations period, what needs to done? Please help
2 Answers from Attorneys
If the loan is repayable in instalments, limitation will start from the date on which the instalment is defaulted. If it is a term loan, limitation will start from the date on which it is repayable in whole. Please check these things.
Re harassment by recovery agents, complain to the police and also to Reserve Bank of India.
11.06.2013
Dear Sir / Madam,
You are liable to repay the debt to avoid inconvenience due to harassment and threats from recovery agents.
Regards,
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