Legal Question in Credit and Debt Law in India
My friend is having a credit card. due to financial crises he could not pay the card dues of rs 3 lakhs. now th bank has files a case in madras high court to provide property security for the dues. he has no surity to offer.bank is claiming that they have listed this in their terms and conditions while taking the card.my friend question is it it legal to ask property security for credit card dues. credit card dues is unsecured loan. is it not.
Asked on 7/01/10, 11:54 pm
1 Answer from Attorneys
RAJIV GUPTA
(Cell: +91 9811284735) [email protected]
as it is an unsecured loan, it is not mandatory for the court to ask for property as security. however, it is difficult to opine without knowing all the facts.
Answered on 7/02/10, 12:21 am
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