Legal Question in Credit and Debt Law in India

Credit Card and Personal Loan Default

I am not able to pay credit card dues for last 3 months and was called by the Credit Card company lawyer regarding legal action and was informed of if not paid next day they would issue warrant and case will be taken up in delhi, i am in bangalore. I asked for some time and would like to pay all they owe but am not able to do it as of now. What would be the implications if the legal action is taken. Please advice.

Thanks


Asked on 12/01/08, 6:57 am

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

Re: Credit Card and Personal Loan Default

Your facts may not be complete because you have not disclosed the basis of "warrant" case being instituted by the Bank in Delhi more particularly when you are in Banglore; possibly you may signed some documents giving them such a cause of action.

Therefore, in this situation, it will be best for you to settle the matter with them and start making payment in instalments in terms of a compromise that you may reach.

You should avoid litigation as it may increase your costs and expense besides consuming time.

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Answered on 12/01/08, 7:34 am
Nasir Butt Nasir Law Associates

Re: Credit Card and Personal Loan Default

Bank may go for foreclosure in recovery suit.

You have to settle the matter with bank on reasonable terms.

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Answered on 12/01/08, 8:16 am
Homi Maratha N.N. Maratha & Co.-Advocates

Re: Credit Card and Personal Loan Default

Facts not complete.

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Answered on 12/19/08, 3:21 am


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