Legal Question in Credit and Debt Law in India

i had 2 credit cards 75k and 50k , and personal outstanding of around 4lakhs , due to loss of my business during 2008 - 2009, i couldnt repay my card and loan dues even minimum of 5% every month, so i stopped paying it. Now am in a service industry, getting a salary of 12000 per month with conveyance of around 5000 perks. Now they find me and asked to pay the full amount with 6months extra interest from the last card payment. Still i am not in the position to repay the smallest amount. Can i get a long term to repay with interest free settlement if any through court. pls help me out


Asked on 10/15/16, 7:43 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

16.10.2016

Dear Sir / Madam,

The Bank is anyway going to take the matter to Court if you fail to repay your credit card dues. You too can approach the Court for redressal.

Regards,

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Answered on 10/16/16, 2:39 am


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