Varun 24 April 2017

Time barred settlement

Dear Respected Professionals,

I need your valueable advice on what you mean by Time Barred Settlements of Credit Card Dues, how it works, since i have a credit card due of Rs.1.61 lacs which was due from last eight years, whics was used lastly in the year 2009.

Due to health issues i have not paid the dues at that time, now all of sudden credit card company (ICICI Bank Ltd) contacted me and told i need to pay of Rs.2.82 Lacs as on today towards over due in single payment. Now i am not i a position to pay this amount. i want need nearly 15 months to pay this amount in monthly instalment. But they are not agreeing for the same.

Recovery agencies are calling continuesly and visiting my residence and harrasing my family people to repay this amount.

In this situation what can i do with legally to over come from this. Iam ready to repay this dues in monthly instalment. But i heared that , legally this is time bared dues, credit card company can't recover the same from me and they cant harass me like this. If i deny to repay this amount as demaned by recovery agents means what they can do?

If i want to go for couselling with the help of good lawyers how long this process will happens and how to proceed this.

Immedietey i want recovery agency stop harassing me like this and stop visiting the residenace when iam not in home.

Kind advice, your valuable advices will help me to over come from this.

Regards,

Varun

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4 Replies

Kumar Doab (FIN) 24 April 2017

Has M/s ICICI Bank written to you anything about the due amount that it has entrusted M/s…………………(agency) to collect it from you?

Have you replied anything in writing?

Record all calls, visits and write to M/s ICICI Bank and its recovery agency that it should not visit any of your address(es) and make phone calls and to transact in writing by letter thru Redg. post?

Kumar Doab (FIN) 24 April 2017

To understand: For limitation to set in: show all docs,inputs on record to a very able counsel specializing in banking/conumser matters at your location.

Varun 25 April 2017

Sir, thank for your reply.. so for they have not showned any letter of dues authorized to collect... they have only shared a/c summary of dues and handed over to me... Sir in your reply my query of how to handle legally has not answered... just informed to contact the consumer court..

Kumar Doab (FIN) 25 April 2017

Originally posted by : Varun
	Sir, thank for your reply.. so for they have not showned any letter of dues authorized to collect... they have only shared a/c summary of dues and handed over to me... Sir in your reply my query of how to handle legally has not answered... just informed to contact the consumer court..