Credit card and cc loan dues default
Sunil Agarwal
(Querist) 22 May 2014
This query is : Resolved
Dear Sir/Mam,
My name is Sunil Agarwal and I am residing in Siliguri (West Bengal). I was a self employed person in the time period between 2001 to 2008 and in that period had taken up various credit card from many banks and as well as a CC loan from central bank of India to the amount of Rs. 10,00,000/-. But then due to Business problems I failed in may payment in credit card as well as payments of my CC interest.
Thereby in 2009 in had to close my business and left my rented office and even changed my rented apartment n fear of Bank collection agents and lenders.
Thereafter I joined a private company and since then working there and the Banks were not following and neither heard from them in the last 5 years. But a month back 2 of the banks were able to find my new address and are now asking from the dues. But now I am no more that financially sound enough to pay either. Kindly advice the solution for the same.
Thanks & Regards,
Sunil Agarwal
Kumar Doab
(Expert) 22 May 2014
CC dues are time barred.
Before admitting anything on phone or in writing approach your Lawyer.
There are many threads on similar queries........
http://www.lawyersclubindia.com/experts/Credit-card-payment-473636.asp#.U34Y0keBmXU
Your lawyer can help you to get a settlement.
However you just get waived dues recorded as' Waived off' and not as 'Written off' in settlement and credit history maintained with credit bureau's e.g;
CIBIL
Raj Kumar Makkad
(Expert) 22 May 2014
I do endorse the advice the advice of Kumar Doab.
Rajendra K Goyal
(Expert) 23 May 2014
All the loans seem to be time barred till the Banks are not having any ex-party decree against you for loan.
do not sign any paper or document without consulting your lawyer.
Sunil Agarwal
(Querist) 23 May 2014
Thanks a lot sir for your comments and expert advice. Kindly advise in case of the credit card dues, as I have not been receiving any statement or communication since last 5 years has not the credit card dues fallen under time barred matter ?
M V Gupta
(Expert) 23 May 2014
Did not the bank take any security while granting the loan to u? Normally banks do not give such huge Loan without security.
ajay sethi
(Expert) 24 May 2014
claim appears to be barred by limitation
T. Kalaiselvan, Advocate
(Expert) 24 May 2014
It is a surprise that the bankers have offered such a huge loan of Rs. 10,00,000/- during the year 2008 or before without any collateral security and that the banker were keeping quite all the while till this date without making any effort or attempt to recover the loan amount. Though it appears to be time barred claim, it appears more an academic query (?)
Biswanath Roy
(Expert) 24 May 2014
If any of the Banks demand your c.c. dues or credit cards dues orally over phone call then tell them to send you demand notice at your present address and on receipt of such notice you may request the Bank to waive such dues as the demand is time barred.
