Credit card

Querist : Anonymous (Querist) 19 November 2020 This query is : Resolved
Dear sir private bank issued credit card to me in 2010 I was in to job that time after that suddenly I lost my job I was not able to pay my card outstanding now almost 9 years latter bank has given me advocate notice to pay outstanding amount that is almost 4 th time higher amount as per my card limit what should I do I m job less not able to pay as per bank advocate notice if I will not pay within 7 days thay will file suit against me under मप्र शोध्यराषि वसूली अधिनियम 1987 प्ल्ज़ हेल्प to solve this problem

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Isaac Gabriel (Expert) 19 November 2020
Don't worry.You can solve in the lok Adalat by one time settlement.

Advocate Bhartesh goyal (Expert) 20 November 2020
Legally bank can not initiate recovery proceedings against you if you have not availed the facilities of credit card from last nine years .It will be time barred debt and not recoverable.

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Guest (Expert) 20 November 2020
Very Well and Perfectly advised by Advocate Mr.Bhartesh Goyal. Please Note even if you make any small amount of payment now your account would become active and they would start harassing you so better beware.

Sudhir Kumar, Advocate (Expert) 20 November 2020
agreed with Mr Goyal.

P. Venu

(Expert) 20 November 2020
Yes, please verify whether the Bank's demand is barred by limitation. Even otherwise, in suit for the recovery, the Courts will not decree exorbitant rate of interest, but only around 6%.