Limitation period for Credit Card Debt

Guest (Querist) 12 March 2009 This query is : Resolved
In my opinion to recover the credit card debt a bank have to file civil suit for recovery.
My question is if the card defaulter have not paid anything since last 4 yr can bank institute suit now?
what is the limitation period in this regard? Any decided case reference?

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adv. rajeev ( rajoo ) (Expert) 12 March 2009
To file a civil suit for recovery of money time limitation is 3 years from the date of default. In your case since 4 years defaulter has not paid anythinbg since last 4 years in such cases bank cannot file a suit.

Guest (Querist) 12 March 2009
Thanks Rajeev
I also think same... any other view from seniors??

A. A. JOSE (Expert) 12 March 2009
Mr.Rajeev has rightly clarified the issue and I endorse the same. You may further verify the terms and conditions of the card in question also.,

M. PIRAVI PERUMAL (Expert) 12 March 2009
I agree with the views expressed by my friends.

PALNITKAR V.V. (Expert) 12 March 2009
Limitation for recovery of money is three years as said by Mr. Rajiv.

Manish Singh (Expert) 12 March 2009
the above views are absolutely correct correct but alongwith you will have to see into the fact whether the debtor had made any kind of promise in these 4 years to repay the debt and if yes, then the limitation shall start from that date when such promise was made.

Guest (Querist) 13 March 2009
Thank you all

Guest (Expert) 15 March 2009
For recovery of Money time Limit is 3 years from when the cause of action arises. So, in between any transactions or agreeement or cheque is given by the defaulter to the Bank. Then the time will run from that date.

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