Legal Question in Credit and Debt Law in India

I have used a credit card from private bank for around Rs.7000/-, bcoz of My health was upset and was admitted in hospital for almost 6 to 7 months I am unable to repay it back. Now the bank have sent a intimation letter through an advocate and now the amount they are asking me to pay is Rs.17000/- with interest....kindly suggest what can be done now?


Asked on 8/28/13, 6:28 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

28.08.2013

Dear Sir / Madam,

Banks (whether scheduled, private or co-operative) are here to do business and are not for compassion or charity. A credit card outstanding is a debt and you are liable to settle it. At the most, you can settle the outstanding immediately with a request to the bank to reduce the interest liability, but this concession is purely at the Bank Manager's discretion.

Regards,

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Answered on 8/28/13, 6:52 am


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