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Amit Malaviya   03 June 2017

Is Arbitration final authority in the case of CC defaults?

Hello everyone, Myself victim in a credit card outstanding dues default since past 3 months, now the collection manager from bank saying me they will send a Arbitration Notice to me legally by hand and it is abiding on me to accept their outcome as final settlement from them otherwise they will take a charge on my property. Please help and guides me to come out from all these in the best legal remedial wayout. Thanking you in anticipation for your best and assuring co-operation. AMIT


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 7 Replies

Adv. Vaishali Harish Gore (job)     03 June 2017

You attend Arbitration, and present your case there, without hearing from your end, arbitrator officer will not charge against you.

 

Kumar Doab (FIN)     03 June 2017

Originally posted by : Amit Malaviya
Hello everyone,

Myself victim in a credit card outstanding dues default since past 3 months, now the collection manager from bank saying me they will send a Arbitration Notice to me legally by hand and it is abiding on me to accept their outcome as final settlement from them otherwise they will take a charge on my property.

Please help and guides me to come out from all these in the best legal remedial wayout.

Thanking you in anticipation for your best and assuring co-operation.

AMIT

 

How are you a victim?

Post full details and facts.

Kumar Doab (FIN)     03 June 2017

 

If clause of arbitration T&C is not there in agreement signed with CC holder then it may not be mandatory.

It might be possible to contest the award of arbitrator.

Kumar Doab (FIN)     03 June 2017

 

You may pick up some relevant points  from various threads on similar query that you can search in ‘SEARCH’ option e.g;

 

https://www.lawyersclubindia.com/forum/Credit-card-default-150068.asp

 

https://www.lawyersclubindia.com/forum/Credit-card-after-13-years-silence-bank-trying-to-claim-150157.asp

Kumar Doab (FIN)     03 June 2017

 

Take help of a local senior counsel of unshakable repute and integrity specializing in banking/consumer/CC matters.

Visit DCDRF/State Consumer Commission/National Consumer Commission and find out about such counsels in person.

Avoid hiring lawyers from online portals.

There are unlimited number of threads at LCI also by unsuspecting querists/authors that have been fleeced.

Amit Malaviya   05 June 2017

Thank you very much to all experts for their valuable guidance.

Kumar Doab (FIN)     09 June 2017

You are welcome.


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