Legal Question in Credit and Debt Law in India

I have a credit card debt which I've not paid in last 6 years, they couldn't collect as I had relocated and they didn't have my present address, but my other loan and credit card payments have been on time, I had no issues getting loans inspite of this debt.
I've never minded paying the debt, my only condition was we should settle as the charges and interest had increased the debt beyond proportions (i tried to negotiate 6 years back after which there was no communication)
In case the bank or the collection agents contact me, what are my rights and how does the law of limitation apply in this scenario (what if they had initiated litigation and i'm not aware)?
Also, am i in a position to negotiate or say I'd only pay the principal amount in case the law of statute doesn't apply

Asked on 4/17/11, 5:25 pm

Bennet Master of Law Bennet Raj Law Office

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0 attorneys agreed

Let them come first and offer settlement. If u initiate u will be charged with exorbitant interest

Answered on 4/17/11, 6:10 pm

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