Legal Question in Banking Law in India

non payment of credit card

Hi!,

I am holding a credit card which limit is Rs.50000/-. I purchased and spent Rs. 46000/-. I was paying regularly,but I was not satisfy by the bank, on interest rates.They charge interest on interest. But I ignored always and paid generously.

Now I am not able to pay the amout of minimum payment due to my job.because I changed my due to recessesion.Now I am not earning over than Rs.8000/-. I called to bank that I am not able to pay, plz settle my account and what will be the settelment amount I will pay.Bnak does not agree. Finaly I stop to payment the installment or minimum payment to bank. I am suffering from my family expences and also bad salary.

I ask to you tell me what I do and what the bank will take an action against me. I agre to pay with full and final settelment but not right now. I dont want to do any fraudness.But the situation is very bad to run my family and others. Plz give me the path.


Asked on 5/27/09, 12:38 am

3 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: non payment of credit card

They may continue increasing the charges on your account if you do not settle the entire payment and cancel your card.

You are advised to settle the account on priority and avoid their exorbitant charges and unwanted litigation.

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Answered on 5/27/09, 12:56 am
Pranav Desai PD Legal & Associates

Re: non payment of credit card

Well!!! this is a situation whcih you have chosen to be in and no legal person can assist you. However, based on our experience I suggest that you should consult the credit card bank and explain them your situation probably they may assist you in reducing the penalty.

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Answered on 5/28/09, 5:23 am
KAMAL GROVER

Re: non payment of credit card

File a case in the court for settlement of account. Case will take around four five years in the mean time there is;

Time Time and Relax....

For further assistance plz contact at

adv.kamal.grover.gmail.com

We deal cases in the courts all over India.

M: 09814110005

Chandigarh Office

We strive for your rights.

Good Luck.

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Answered on 5/27/09, 2:48 am


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