Credit Card Outstanding

Pramod (Querist) 28 January 2010 This query is : Resolved
I have outstanding of 30,000/- on a crdit card providing bank, i have been paying minimum amount due since last 1 year which does not decrease any amount but in every next months statements outstanding amount keep on increasing.
I requested bank to close my Credit Card and make my outstaning in EMI or convert my outstaning in loan with interest as per their rule. But they did not done and refused proposal to my e-mail request. Now bank keep calling me and abusing me on phone. What could be remedy for this. As i want to pay all outstanding but its not possible to pay at a time.
Should i suggest them to file case against me ?
What will be advice/punisments/remedies for me from court on what sections they can file me a suit?
will it be criminal/civil or both ?

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B K Raghavendra Rao (Expert) 28 January 2010

You will not be punished as it is not a criminal wrong. Non payment of due amount is a civil wrong. Lender is supposed to take recourse to law, if the borrower fails to repay the debt and not harass or threaten or abuse him. Abusing over phone amounts to a criminal wrong and you may address a letter to the bank reminding them of legal consequences if they continue to abuse or threaten you over phone.

If you ask them to file a case, or if they chose to do so, they would be filing a money recovery suit in a civil court. After adjudication you would be asked to pay the principal amount plus interest agreed upon or if not agreed upon at the rate of six per cent per annum.

Arvind Singh Chauhan (Expert) 29 January 2010
Yes Rao sir is quite right.

Guest (Expert) 30 January 2010
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