Consequences against defaulting a loan against credit card
Raj
(Querist) 05 November 2014
This query is : Resolved
Dear Sir,
Please help me out in in this regards as stated below:
I have been offered a loan of Rs 2.5 lac on my credit card on EMI basis. They didn't ask for any post dated cheques and even they didn't call me before depositing the amount to my saving account. They directly credited the amount to my saving bank account.
I had given the addresses of the Delhi where i was staying on rent and permanent address of Bihar.Currently i am in abroad for my study, i may not return to India for 2 years and most probably i will settle in abroad. I paid some of my EMI, but i am not capable of paying any further EMI till 2 Years since i am still studying.
1. My first concern is, Am i liable for penal action under section 138 of Negotiable instruments act??
2. Can i have to appear into court even for loan against credit card??
3. can they file any non-bailable FIR against me??
4. Can they trouble me when i visit back to India?? Can LOC is possible against me??
Does LOC apply even i took citizesnship of any other country?
5. Can they trouble the Landlord in Delhi or my Family in Bihar??
Please help...
ajay sethi
(Expert) 05 November 2014
you can request bank to reschedule your loan . in the vent you default in payment bank will file summary suit against you to recovery outstanding dues with interest
you have not mentioned what was mode of payment of EMi?
if you have not given any cheques bank wont be able to file 138 case against you
if civil case is filed you need not appear in court . you can appoint lawyer to appear on your behalf .
bank can file case of cheating against you . bank will make efforts to trace you by making enquires at address mentioned by you in obtaining loan
Rajendra K Goyal
(Expert) 05 November 2014
1. If no cheque issued, no action u/s 138.
2. Type of case is to be seen. For civil case you can entrust a lawyer, no need to appear.
3. They may file cheating case.
4. They can try, may or may not succeed.
5. They may contact both to know your whereabouts and press (illegally) to pay the amount.
