Legal Question in Credit and Debt Law in India

Need urgent help

sir details of my case...

I use to have many credit cards issued between 1999 -2004 and all of them were issued from delhi.I was a regular user of the Cards and was paying all the

dues on time till last August (2007).I had undergone a finacial crisis due to loosing all my money in share market and i got bankrupt.I do not have any

movable or immovable property on my name nor I do any job or business .I stay in a rented house and somehow surviving myself doing small works here and

there.

Now the issue is there that as I have not made the payment of the banks since last august ,they have started taking legal action against me ,I am giving

details of few of the cases which have been imposed on me,though I have not served any notice but got the papers photocopied somehow.

(1).They had filed case u/s XXXVII OF THE CODE OF CIVIL PROCEDURE,1908 IN COURT OF SENIOR CIVIL JUDGE,DELHI.

(2).They had FILEd CASE U/S 406 and 420 I.P.C,IN CHENNAI IN COURT OF X METROPOLITAN MEGISTRATE,AND XMM issues NBW under section 70 CODE OF CRIMINAL PROCEDURE

though there were no notices being sent prior to this.

Sir, I want to ask that what is the remedy available to me as I do not have money to do any settlement with the ban


Asked on 7/01/08, 12:01 pm

1 Answer from Attorneys
Pravin Vaidya Independent

Re: Need urgent help

Please advise

(i)Whether credit card were used by you after you stopped making payment to credit card companis in August 2007.. If so what was the reason for useing the facility when you already knew that you will not be able to PAY?

(ii) Whether you have approached to credit card Issung Banks in August-07 or thereafter explaining your financial problems and seeking suitable time limit to make the payment. If so what was their response?

(iii) Whether Banks have offered any settlement/compromise where some amount such as penal interest etc are proposed to be forgone by them? If so what was your response?>

(iv) The reason for sudden movement towards Bankruptcy needs to be explained to Banks and courts by you and convince them about your genuine difficulties to get the relief from them

(v) As regards the cases filed relative papers needs to be perused by me then only any proffesional advice can be offered. Pl. note that proffesional charges will applicable

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Answered on 7/12/08, 12:44 pm


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