Credit card debt

Querist : Anonymous (Querist) 18 July 2023 This query is : Resolved
Dear Sirs

I had outstanding balance of one of my credit card for approx Rs.3000 by one bank where they have levied some penalties and financial ( 5 day delay in credit card payment ) charges on principle amount (Rs. 1,500). Principle amount I have settled but these fines & penalties which were imposed for 5 day delay.I asked for waive off as one time gesture. Bank has not closed that outstanding it has been 2 years now ,card has been deactivated and now threatening me to attach my property.

Can bank do this this is unsecured loan. please guide me further course of action

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Quick Summary

A customer is seeking advice regarding a credit card debt of approximately Rs. 3000, where penalties and financial charges were added for a five-day payment delay. Despite settling the principal amount, the bank is now threatening to attach the customer's property, even after two years and deactivating the card. The advice suggests contacting the bank's headquarters to negotiate penalty reduction and clarifies that banks cannot unilaterally attach property without legal proceedings.

kavksatyanarayana (Expert) 18 July 2023
You shall contact the State Headquarters Branch and ask to reduce the penalty so that you will clear the debt. Otherwise, it leads to legal complications.

T. Kalaiselvan, Advocate (Expert) 19 July 2023
The bank cannot attach your property on their own.
They have to follow the due process of law for taking any action for recovery of money.
They have to file a suit for money recovery and then EP to execute the decree.

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