Legal Question in Banking Law in India

Re: credit care default

ya they can take action but if you will compromise with them then they may reduce the penal charges.

this is the best time to negotiate with the banks as they will reduce all the penal charges and u will be left with a very small amount to make payment.

Re: credit care default

Naturally, if you do not make the payment, the lender is entitled to take legal action.

You should consider negotiating a settlement with the Bank at the earliest and avoid litigation.

Re: credit care default

It is obvious and quite natural that creditor has right to sue upon default of debtor. They may file case against you. You need, either to pay amount accrued against you or negotiate with them. Debtor has to pay its debt in any way.

It is suggested that your negotiation may reduce your burden.

Re: credit care default

The Bank can take action. If the computer you purchased out of the loan extended by credit card and the same is hypothecated or pledged to the Bank, the Bank can seize the same. If no such security has been created, they can sue you in a court of law

Re: credit care default

Of course the Bank can take legal action.