Credit card
sonu gurnani
(Querist) 27 September 2012
This query is : Resolved
i had standard charted credit card which i did not pay for last 11 years
now i am calls from recovery agencies
i want to know can they recover after 11 years and what should i do
R.K Nanda
(Expert) 27 September 2012
yes, they can recover if last entry is within
3 years from today and then u will have to defend it.
Rajeev Kumar
(Expert) 27 September 2012
Yes they can recover.
Guest
(Expert) 27 September 2012
How much amount is due?
sonu gurnani
(Querist) 28 September 2012
Dear PS Dhingra ji i have not used the card for last more than 10 years and actual limit was somewhere around 50000rs
Guest
(Expert) 28 September 2012
Dear Sonu,
Your post is not a reply to my query.
Guest
(Expert) 28 September 2012
Dear Sonu,
Your post is not a reply to my query.
R.K Nanda
(Expert) 28 September 2012
bank cannot sue for recovery as case is time barred.
sonu gurnani
(Querist) 28 September 2012
actual amount due is 55000/-
Guest
(Expert) 29 September 2012
Dear Sonu,
May be how old the outstanding amount is, every bank/financial institution tries to recover its bad debts in whatever manner that can. Once the location/ phone number of the missing credit card holder is identified irrespective of whether the bank initiates process for recovery or not, the recovery agents, in a bid to earn huge commission out of dead accounts, try their level best to recover the amount in full or in part. Since the amount due from you is Rs.55,000/- the recovery agent, whosoever is able to get the amount recovered in full or part would earn thousands of commission, as only hefty commission rates in such types of accounts are the source of their motivation and initiatives. So, not only one, but several agents are likely to try to contact you through phone/mobile or by personal visit to make your life hell. So, all that depends upon how you are able to justify withholding of payment of dues.
