Legal Question in Credit and Debt Law in India

I had a credit card debt unsettled of 2006, as

I went abroad, I could not close it, now the bank has contacted me

again, I am still abroad, what would be the legal implication , even

though it is more than 3 years, but the bank might had initiated a

legal action within 3 years deadline.

Kindly suggest me of future legal implication as the bank is

threatning on phone that they have a non bailable warrant ( which is a

distant possibility as its not a criminal offence ) only on the

grounds that I havent closed the credit card debt and they had

initiated a legal action long ago, I havnt responded.But I have not

received any documentry notice on mail as well as hard copy as I was

not in country.

Kindly let me know the facts about banks threat, also could I initiate

a legal action against the bank for threatning without giving the

option of settlement.The last call from the bank said that I have

only 24 hrs of time to submit money, but they were not even ready to

mail me the outstanding statement- it looks like a houx call too.I

insisted on phone that they should mail me the outstanding statement

right from the due date with the original amount due on banks

lettrehead, for which they have plainly refused.

Kindly advise, as I have never ever given anything in writing to the

bank accepting about the dues since 2006.Nor I have received any

statement from them in soft or hard copy.


Asked on 6/14/12, 11:39 pm

1 Answer from Attorneys

Generally these calls are not made by the banks but by the recovery agents. Its their normal practice. You do not have to be afraid about it. They try to take out the dead money from the customers of the bank whose limitation has been expired.

But these days when you dont pay the outstanding amount to the bank, it affects you credit rating and becomes difficult to apply for any loan etc in future.

If they have actulay initiated any legal proceedings then you will receive a court notice directly at your last know address or at your present address ( if they know about it).

Regards

Read more
Answered on 6/15/12, 12:24 am


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