Legal Question in Credit and Debt Law in India

dear Sir/Madam,

I had used A credit card 3 to 4 years back ,i used to pay regularly the minimum amount ,at one point of time i felt the amount i paid i more than i used it ,so i stopped paying it.its more than 3 years now ,i have received a letter now from some Advocate agency ,the subject of the letter is "invitation to conciliation as per provisions of section 62 of the arbitration & conciliation act.1996/your credit cart account.00000000000"in this letter that have told me to come & meet a advocate on a specific date for amicable settlement/resolution along with the officials of the bank.if i am not able to go on specific date to the advocate office ,the have told me to contact the back official(they have given a number to contact)for the amicable settlement/resolution.what should i do now ,i feel the amount paid to them is more than enough as it is more than the money i used with the card,so i am not willing to pay any more money to them,pls advice what should i do in this situation it is compulsory to pay the amount or is there any other way to get out of this situation,pls advice can they take any legal action against me


Asked on 9/17/13, 6:36 pm

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

18.09.2013

Dear Sir / Madam,

A Credit Card matter for usage, payment and settlement is closed when you obtain a "No Dues" letter from the Bank, which should always be insisted upon, whenever you settle the final outstanding bill while discontinuing the card, and returning it back to the Credit Card Company. You should ask the Credit Card Company to first give you a letter stating the outstanding dues amount and transaction detail, to enable you to check for the authenticity and genuineness of the claim. If you are convinced, only then should you make the settlement and obtain the "No Dues" letter from the Bank and ensure that you retain it on your record.

Regards,

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Answered on 9/17/13, 7:49 pm


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