Creditcard and personal loan
aslamskhan
(Querist) 20 February 2013
This query is : Resolved
Respected Advocate,
In 2005 i was issued 2 credit cards,and a
personal loan.
it is now almost 8years where i dont have documentry evidence to prove it is paid
banks now has started making calls and says
they shall list me as a permanent defaulter.
Kindly advice.
Aslam.
Raj Kumar Makkad
(Expert) 20 February 2013
No bank loan can be got recovered after a period of 3 years of last renewal so bank can do nothing and you can also make a representation to this effect failing which may even file a complaint of defamation.
Kiran Kumar
(Expert) 20 February 2013
Mr. Makkad is very much right on the aspect of time barred debt.
However, you may ask for the Statement of Accounts from your bank for proper analysis of your account.
If the account remained operational and the entire debt was under proper process then the things may be troublesome for you. And if the bank has indulged in Unfair Trade Practice then you may sue the bank for all this harassment.
First find out the Statement of Accounts from the bank.
R.K Nanda
(Expert) 20 February 2013
bank case is time barred.
prabhakar singh
(Expert) 20 February 2013
A debt becomes time barred after lapse of 3 years from the date it was advanced or from the date last installment was paid with in three years or on making of any acknowledgement with in three years of the last payment and Mr. Makkad is right in this regard.Even after it gets time barred the debtor can acknowledge it with promise to pay(s.25,contract Act).So better to check about all this also.
Law of limitation is based on public policy.It simply says that even if there is a right,it can be sought to be enforced through process of court within time prescribed by Limitation Act and not beyond that.
Still law does not restrain an honest debtor who chooses to pay a time barred debt.
The jurisprudence about right is that a right never dies,only right to enforce the right through a law suit becomes barred by law of limitation.
Then a creditor can opt to declare his debtor defaulter and can deny to lend him any fresh loan.
Therefore first ascertain the a/c position asking extracts.
If you find it unpaid but time barred,you are at liberty not to pay the same as they can not realize it by a law suit.
But you can not check upon their option if they declare you defaulter if it is unpaid but time barred.
A creditor can persuade or say,can make duns privately to his debtor even about a time barred debt but on your denial to pay he can not file suit for realization of a time barred debt.
If you paid them all,it was desirable to take a no dues certificate from them.
Devajyoti Barman
(Expert) 20 February 2013
It is already time barred. Do not make any written reply against their demand notice.
