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Statute of limitation

(Querist) 07 April 2017 This query is : Resolved 
I have had a credit card and personal loan I did manage to pay 45/60 emis of personal loan but due to loss of job I was unable to pay further emis upon calculating I find that Emis paid has exceeded The principle by 38K. Furthermore I last paid my card in 2012 the same time when I lost my job. I could not pay. I did tell them when I get job I can pay or settle Now the Credit Card guys sent me a mail thru a law firm stating a civil suit and possession of property if any. I wish to know it the statute of limitation applies to me as its more then 4 years
Kumar Doab (Expert) 07 April 2017
If you have borrowed you should pay.

Limitation may depend on many factors.

Discuss with local counsel and show all communications on record.

Ms.Usha Kapoor (Expert) 08 April 2017
Agree with Mr.Kumar Doab.
Rajendra K Goyal (Expert) 08 April 2017
Limitation would start from the date of your last payment / date of loan / acknowledgement of debt / your letter accepting your liability and so many other factors.

Try to arrange the money and get rid of the debt.
Kumar Doab (Expert) 08 April 2017
Thanks for agreeing Ushaji.
Dr J C Vashista (Expert) 12 April 2017
Instead of complicating your default searching legal experts FREE advise on the point of limitation and other lacuna in your case, pay balance amount after discussion with Bank and buy peace for yourself as well as your family and property.

Remember bankers have a team of good lawyers employed for such issues, conversely you may land up in thick soup.
Kumar Doab (Expert) 12 April 2017
The settlement is also adverse entry.
It shall affect your credit worthiness.
Until or unless there are lapses and defects on Bank’s side, bank won’t agree to call back your name from list of defaulters.


Visit local counsel specializing in such/banking/consumer matters and get your matter examined thoroughly and defects if any.

Next time avoid borrowing until you have paying capacity.
Hemant Agarwal (Expert) 21 April 2017
1. Law of Limitation (3 years) would apply after the date of 60th EMI.

2. Even IF Civil Court rejects the Company's claim, on ground of Limitation, EVEN then the CIBIL score of the defaulter will be a life-long dampener, for other futuristic credit requirements.

Keep Smiling .... Hemant Agarwal
VISIT: http://www.maharashtra-society-help-forum.com
Guest (Expert) 21 April 2017
Apparently, purely an academic query. Can't be a real problem. Honest people with good intentions do not think about statute of limitation. Only law students or dishonest people feel the need to know the statute of limitation.



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