Credit card - after 13 years silence bank trying to claim

It is unsecured debt if you had not allowed bank to mark lien on some FDR as M/s SBI Cards started doing.

If the matter lands up in court of law then you should get summons.

No please, no chance of any criminal complaint against you. Have peaceful sleep.

Originally posted by : Kumar Doab
	It is unsecured debt if you had not allowed bank to mark lien on some FDR as M/s SBI Cards started doing.

I dont have any deposits or any other association with the bank.

It is unsecured debt.

You have borrowed but you don’t want to pay.

So the recovery agency that have bought the debt are chasing you.

Originally posted by : Kumar Doab
	You have borrowed but you don’t want to pay. So the recovery agency that have bought the debt are chasing you.

They could have settled for realistic amounts during limitation period tenure of 3 years. A company that waits silently for several years and then wants to hyper charge you for the waiting period is justified you feel ?

Also no recovery agency is chasing me. Only registered letters are coming from the bank.

Originally posted by : Dr. MPS RAMANI Ph.D.[Tech]
	No please, no chance of any criminal complaint against you. Have peaceful sleep.

If any notice arrives by courier / regd post do you suggest i reject the letter or accept it and send a legal reply to that stating that this is time barred and that i am not liable to pay ?

‘there was a disputed balance on that card at that time.’

Did you dispute in writing or have evidence that you have disputed?

Did CC company reply and satisfy you that there is NO dispute?

Did you agree that you are satisfied?

Or you did not?

Or the said charge was indeed wrong?

You could have proved th wrongdoing.
 

If the said charge was indeed wrong then you had a good case and CC company should have waived of such achrges after admission of error, and /or could have been ordered by authority/court of law e.g; RBI,BO,DCDRF to call back your name from list of defaulters and clean you credit history.

If the said charge was indeed wrong then why should there be any request for settlement by CC holder? Settlement is adverse entry.

If If the said charge was not wrong then NO one in CC company may agree to waive off except in case of goodwill gesture.

“Because i understand any correspondence i have with them will lead to starting the statue of limitations again for 3 years.”

It is felt that admission of debt or part payment leading to admission of debt could have reset the clock on limitation.

The refusal to accept a courier or redg. Post is your independent and personal decision.

The language T&C in CC application form, Card Member agreement, MITC etc etc may be looked into.The ROI is usually mentioned in these.

Usually without any notice under proper acknowledgment the ROI,penal charges, finance charges are revised.

The NCDRC had decided the matter on usurious rates/charges.

You are at liberty to decide how would you like to deal with matter in best of your interest.

Originally posted by : Dr. MPS RAMANI Ph.D.[Tech]
	No please, no chance of any criminal complaint against you. Have peaceful sleep.

Dear Dr.Ramani,

Does the DRT (Debts Recovery Tribunal) interfere in credit card defaults that have crossed the limitation period. Since this bank is claiming 60 lakhs for a card that hardly had 1 lakh ceiling limit our of which used amount was approximately 35-40k. I read that DRT can issue a warrant or seal your assets if the value of loan is above 10 lakhs. Do they cover credit cards also ? and if YES, since the original actual used amount is not above 60 lakhs but well under a lakh, will the DRT consider the projected 60 lakhs as the loan value and interfere ?

Thanks a lot.