Legal Question in Credit and Debt Law in

we had purchased a car through citibank's financing and had paid most of it back except the last 6 months instalments due to a paucity of funds. now that we have some cash in hand, we want to clear it, but it is almost 5 years now and so we would like to know whether we will be penalised if we approach them and offer to clear all the dues?


Asked on 9/29/10, 10:37 pm

1 Answer from Attorneys
Vishwa Arya Arya & Co.

if period of five years have passed the debt has become time barred. Does bank have any cheques with them? yes bank certainly would ask penalty if you volunteer

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Answered on 10/02/10, 10:08 am


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