Legal Question in Credit and Debt Law in India

I have defaulted on a credit card for 9 years. Now the collection agents traced and asking for repayment where I have gone aged 49 years, with joint pains and without a job. Routine need is happening with difficulty with my family. I have informed the bankers about the Statute of Limitations but they are just ignoring and say collection follow ups will folllow.

Thinking of applying for INSOLVENCY.

Please suggest,

Thanks,


Asked on 1/18/17, 7:09 am

1 Answer from Attorneys
Fca Prashant Chavan Expert Edge LLP

20.01.2017

Dear Sir / Madam,

You should commence the repayment and credit card settlement in whatever way possible with a initial amount payment to the Bank, and renegotiate settlement terms with the Bank.

Regards,

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Answered on 1/19/17, 9:38 pm


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