Credit Card issue

Guest (Querist) 27 March 2016 This query is : Resolved
I had a credit card with sbi bank. In 2007 i had some outstanding. The recover people use to come at my place. As there was no law against these agent, they were very rude and harressed me.i gave them the outstanding in parts. After few years i started getting letter and notice from there legal department about the outstanding. I have no reciept with me that i paid the amount to recovery agents. In 2015 i approached the bank for the sattlement. But they did not gave me any statment about the outstanding and the amount i paid. And they are also not clear about the principle outstanding amount. They are just randomly quoting principle amount and asking me to pay.

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P. Venu (Expert) 27 March 2016
You may inform of the facts in writing to the Bank, preferably through an advocate.

Sudhir Kumar, Advocate (Expert) 27 March 2016
Facts stated by you are sketchy and not sufficient to form a clear picture.

So any advise based on half facts can be fatal.

DO meet a lawyer before writing anything to bank.

It is possible they have lost limitation to file civil suit.

It is also possible that you may have revised the limitation by admitting liability. If not you may be doing now by writing recklessly.

SAINATH DEVALLA (Expert) 27 March 2016
No bank will reject a settlement plea by a defaulter.Bank will have a record of UR total outstanding liability along with interest etc.Hence get it settled without the harassment of the recovery entourage.U may also get waiver of penal charges for OTS.

Rajendra K Goyal (Expert) 27 March 2016
Discuss with local lawyer, loan seem to be time barred.

Dr J C Vashista (Expert) 02 April 2016
Vague query, discuss with a local lawyer.

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