credit card loan
akash
(Querist) 11 August 2015
This query is : Resolved
I am Akash .... I had taken a credit card loan of 93000.00 rupees in the year 2009 I had to pay it in 36 months.. I paid around 6 Emi after which I could repay due to financial problems. I had stated my permanent address which is Goa my native place where my brother stays and they have been calling him asking my where about as they don't have my address... I had also received calls for recovery but I used to say it is a wrong number. Because the amount over the years have accumulated upto ₹ 2,88,000.00 which is tough to pay. I received a call yesterday he said he is an advocate and will be issuing a non bailable arrest warrant. I don't want my brother to be disturbed because of me. As they would panic if police go to their place. I have not received any legal letters or summons during this 5 years probably as they don't have my address. I stay alone and don't have any financial or emotional support. Q.1. Can a arrest warrant be issued. If yes will the police go to my native place in Goa I stay in Mumbai
Q.2. Can iI negotiate the amount by calling the bank. Should I reveal my contact number or address to the bank. Q.3. If the bank is ready to negotiate then should I negotiate on the principle amount... Please guide.
SAINATH DEVALLA
(Expert) 12 August 2015
No lawyer will call and threaten U that a warrant is issued,it is a fictitious call from the recovery agencies. How did U obtain a loan on CC,Ur are wrong,U must have utilised to the extent of that amount.
U have enjoyed the money and today U say U can't repay,is it justifiable?.
Limitation for recovery of debt is 3 years from last confirmation and if no any confirmation of debt has been made since last 5 years then bank cannot recover and reply accordingly can be made.
Debt collectors do not have an indefinite period of time to continue trying to collect payments from old debts. There is an expiration date, called the Statute of Limitations, that prevents debt collectors and/or the original lender, from pursuing you for the rest of your life on old debts. Before you go ahead and send in a payment on an old debt, check to be sure that the statute of limitations hasn't expired. If the expiration date has passed, you may be protected by law and not liable for that debt.
Use the Statute to your Advantage: The statute of limitations starts for the date of Last activity on the account, as presented on your credit report. This is not always the last date of your payment. If you have communicated with the debt collector beyond the date you made the payment, and they have updated your credit report to show the new date as the date of last activity, the statute of limitations will start from that date.
Sometimes the statute of limitations has expired but debt collectors continue their attempts to collect because they hope the debtors do not know about the statute and that they will pay with enough threats. If you are 100% certain the statute of limitations has expired, you can simply ignore them. If a lawsuit is brought against you, you will have justification in that the time limit has expired for the collection of that debt.
If you enter a payment agreement, talk to the collectors or promise to make a payment; you will restart the statute of limitations to day one!
Guest
(Expert) 12 August 2015
Nicely and Well advised by Expert Mr.Sainath Devalla
malipeddi jaggarao
(Expert) 12 August 2015
I agree with the advice of Expert Shri Sainath.
SAINATH DEVALLA
(Expert) 12 August 2015
The only thing is that he will be under the preview of CIBIL for a period of 8 yrs from the date of default.
Rajendra K Goyal
(Expert) 12 August 2015
Agree with the advise of expert SAINATH DEVALLA.
akash
(Querist) 12 August 2015
Thank you Mr.Devalla for your reply. I had made the payment last arround May 2010. You mentioned that the Statute of limitation start date is not always from the last payment. After I had made the payment last time I had not received calls from the bank for more than 2 years as my number was changed and my address was changed as I stay on rent. In the recent 2 years the bank or the debt collectors had been calling by brother in Goa to ask about my whereabouts and once they had gone to his place to give a letter which he refused to accept. I also had received calls 7-8 times in this 2 years but I used to say it's a wrong number. So there is no discussion ever made about a settlement or making any payment. So my question is... Will the Statute of limitation start date gets changed or will it be the date when I made the last payment. Is there any way to check this date.
Kumar Doab
(Expert) 12 August 2015
It is good money of someone else and you have enjoyed it and now you should pay it back.
Your personal problems do not matter at all!
The CC companies do provide loan on Card limit, and even send DD to the cardholder.
The brother has told the agents that he is not you and you are not available.The agents has no business thereafter to call him.
He can very well tell them (and record too) that they can not come again and send the letters, if they want by Redg. Post only.
After that the CC company can very go to court.
It shall be sensible to negotiate preferably thru a smart lawyer so that the CC company agrees to take back principle amount only and without any adverse record on your CIBIL, and loan taking ability. You on your own may not succeed to extract such deal from CC company.
akash
(Querist) 14 August 2015
Thank you Mr.Doab.
akash
(Querist) 15 August 2015
How do I get a lawyer to handle my case.
akash
(Querist) 15 August 2015
I mean how to search for a lawyer expert in this field.
SAINATH DEVALLA
(Expert) 18 August 2015
So at last U even ask us to arrange a lawyer for U?
