Non payment of credit card debt
Pandey
(Querist) 18 July 2016
This query is : Resolved
i would like to know what is the action NOW about my story.
i got a credit card from SBI bank (as a scheme) in 2001 while i was studying.I finish my studies in feb 2003 and left that place. Because of which, I could not pay the outstanding amount of around INR 5000 of my credit card . Now , In 2016, I am getting calls regarding the same, asking to pay a sum of about 20000(2 lakhs) INR.
I would like to know what should be my stand and action now.
Kumar Doab
(Expert) 18 July 2016
If you have borrowed you should pay.
If you changed location you should have paid Bill by due date.
If you have not admitted the debt since 2003, then debt is hopelessly time barred.
Record all calls and ask the callers to send letter by Redg. Post.
Impress that debt is time barred and recovery can not be pressed.
Or pay (without settlement and any adverse entry in your credit reports).
Settlement is always adverse entry.
This can be tricky as the recovery agency/ARC that has bought the debt shall not agree easily.
Take help of a counsel specializing in consumer matters.
It was so easy to pay in 2003.
Isn't it?
R.K Nanda
(Expert) 18 July 2016
Bank demand is now time barred.
