Fail to pay credit card loan
Bechara Pati
(Querist) 14 October 2015
This query is : Resolved
Hi I want to know i had very good history for credit score, due to huge loss in buisness i am fail to pay credit card loan from last 2 month. I want to know should they people send me to jail if i fail to pay amount they regular call me during day & night also. Amount is approx 3.23 lakhs....please help..
Sudhir Kumar, Advocate
(Expert) 15 October 2015
contact bank for EMI facility. they can send you to jail if any cheque is bounced or else they can file civil suit.
They cannot send goons to you.
P. Venu
(Expert) 15 October 2015
That could happen only if they file suit, obtain a decree in their favour and you fail to satisfy the decree and hence they obtain an order for arrest and detention. Such an eventuality would take years of litigation.
Sudhir Kumar, Advocate
(Expert) 15 October 2015
and during the said period of litigation you will keep paying to your lawyers and they will keep earning interest on their dues.
Rajendra K Goyal
(Expert) 15 October 2015
Try to arrange by selling any of your asset and get rid of it.
Without court orders they can not send you to the jail.
Kumar Doab
(Expert) 15 October 2015
Agreed with experts.
Record all calls.
The delinquency might have been reported to credit bureau's................e.g. CIBIL
Settlement is adverse entry.
When you decide to settle or pay in full ensure that company states in writing that the payment/settlement shall have no adverse bearing on your loan taking ability in future.
SAINATH DEVALLA
(Expert) 15 October 2015
"I HAVE A CREDIT CARD,I WAS PAYING REGULARLY,DUE TO LOSS IN BUSINESS I BECAME A DEFAULTER", this is a common story of a bank defaulter.When we are offered a credit card,we sigh the agreement blindly and aware of the terms and conditions,which create a hell in UR life once U R a defaulter.Better contact the bank and find a solution for a settlement of the dues.On request a part of the interest and additional charges may also be waived.
Bechara Pati
(Querist) 16 October 2015
Thank you all peoples for your valuable reply.
K.S.Srinivas
(Expert) 17 October 2015
Agreed with the opinions of Sri Sudhir Kumar and Sri P.Venu.
Bechara Pati
(Querist) 18 October 2015
I have software that tells name of caller, yesterday i miss a call when i check that show number was like... bhailog mumbai loans. I want to ask can a pvt or psu bank take help from bhailogs to recover there loan amount?
I feel fear....
SAINATH DEVALLA
(Expert) 18 October 2015
Yes they are taking the help and they have been christened as recovery agents.Fine as long as they don't visit UR door step,if they do so,U will be left with sleepless nights.
Bechara Pati
(Querist) 19 October 2015
Dear sir it will take couple of months to recover my amount from market. Should i change my resi adress till then ?
SAINATH DEVALLA
(Expert) 20 October 2015
So finally u want to run away from the onslaught of the recovery agents.
