Legal Question in Banking Law in India
Sir,
I received Standard Chartard Bank credit card in year 2001 and drawn Rs.38000.00 in same year, because of my poor financial position I didn't paid. Now(Sep.2009) they sent a legal notice and need to pay dedt balance Rs.522,288.72 this is very high than drawn amount now I am not in position to pay this much amount. pleaseadvice me.
Regards.
P.Sekhar
2 Answers from Attorneys
You have to give full facts about why there was such a long delay from them. Only then proper advice can be given.
Bank does not have legal recourse of recovering the money after expiry of 3 years of last transaction/ last payment/ last acknowledgment of dues at your end (whichever is later). But your name will always be there in negative credit rating debarring you to avail credit facility from any bank.
Its public money hence to pay back is your moral duty, speak to bank for amicable settlement and get the issue closed.
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