Credit card

rahul (Querist) 07 March 2013 This query is : Resolved
sir,
one of my friend was taken credit card limit Rs.20,000/-in 2007, he used it and not paid the dues,what step bank will take in this matter ? what is the time limit to bank to approach court from the date of default ?

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Advocate M.Bhadra (Expert) 07 March 2013
Generally Bank does not prefer to file a suit for realization from Credit Card matters.Try to amicably settle the matter with Bank,you can wait several years there is no time limit.

P. Venu (Expert) 07 March 2013
Law is meant to promote and sustain responsible living. Even if the bank takes no action, it is below human dignity to scout for legal means to escape one's commitments.

Raj Kumar Makkad (Expert) 11 March 2013
We have to confine only on legal aspects. legally bank cannot recover the debts if no renewal has been made by your friend after getting the Card.

prabhakar singh (Expert) 11 March 2013
3 years from the date of default or last payment or acknowledgement made is the limitation.

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