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Shankar (TechWriter)     30 August 2009

Credit Card Debt over 5 yrs

Dear Sir,

I've a credit card debt which is over 5 yrs.The last payment on my card was on March 2004 and the outstanding was 10 k.

I've moved to another city and in these last five years I got a legal notice from Bank to my previous address(PG Accomodation) 2 yrs ago.The Notice was not received by PG owner.

Till date I've got any notice to my permanent address(which is with the bank).

Can the bank take any legal action for recovering the amount?

Can they seize my parents property?

Does limitation act apply in this case to defend myself? Please help



Learning

 4 Replies

PKUMAR GARG (SR. MANAGER-ERP FI)     04 September 2009

No, Bank can not take any legal action after 3 years from the date of last transaction. The case will be time barred.

Dharmesh Manjeshwar (Advocate/Lawyer)     04 September 2009

yes ... the matter is time barred as per the law of limitation .... in this case which is 3 years

girishankar (manager)     20 February 2010

                                                        CREDIT CARD APPLICATIONS

 

What it says: "We have shortened the application process..."
What it means: "We need lots of new members fast or we'll go out of business!"

What it says: "You have no predetermined credit limit..."
What it means: "We're not worried, we employ the Break Your Legs collection agency."

What it says: "Exceptional Customer Service..."
What it means: Except when you need it!

What it says: "Trained customer representatives await your call..."
What it means: "This is the part you talk into, and this is where you listen. Any questions?"

What it says: "To apply for membership, fill out this short form..."
What it means: You'll get the long form later.

What it says: "You may direct us not to share this information with anyone else..."
What it means: "Catch us, if you can!"

What it says: "We look forward to receiving your completed application. .."
What it means: "We baited the hook, let's see if anyone bites!"

What it says: "You've been pre-approved. .."
What it means: "You've been pre-approved to be Rejected!" or "We've already prepared your letter of denial."

 

girishankar (manager)     28 October 2010

.,[].,


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