What consequences can be, if the dues on credit card are not being paid by the card holder bcz of inadequecy of funds available to him.
mamta (service) 17 April 2009
What consequences can be, if the dues on credit card are not being paid by the card holder bcz of inadequecy of funds available to him.
Y V Vishweshwar Rao (Advocate ) 18 April 2009
it will be treated as due amount and recovery proceedigns will be initiated by the Bank , the recovery job is now being assinged to Agencies . The Agency will requst / demand and try to recover the due amount , if not recovered , thye may file Civil Suit or may refer to Arbitrator as per the terms of the Agreement between the Bank and Card Holder !
mamta (service) 19 April 2009
what most adverse situation may be there, if the card holder is not capable to pay the dues and nor he is having any assets pay out the dues.
Y V Vishweshwar Rao (Advocate ) 20 April 2009
after the Suit is decreed the Bank may file EP for execution of Decree by enforcign the following :-
1- Attachemtn of Jdr Proerties , if available
2- Attachment of bank Accoutns , if there is accoutn and money in the Account
3- Attachment of Salary , if the JDr is eploye and gettign salary
4-Enforcementof the decreagaisnt guarantors if there are guarantors
5- Enforcement of the decree by imprisionment of the Jdr , if he has proerties and the DHr can show to the Court that Jdr has proerties and intentionally avoiding payment , if there ar are o proerties , the JDr can not be imprisioned
6- The mode of executiuon will defer from case to case
7- The Recovery of Decreetal amoutn defers from case to cae .
Even a decree is passed the JDr should be in a postion to pay the Decreetal amoutn as mentioend aobve, if not the decree can not be executed .
with regards
Prabhat Kumar (Advocate) 20 April 2009
A civil suit for recovery can be filed and the same may be decreed against the card holder.