Re suit for non payment of credit card

harpreet (Querist) 30 April 2012 This query is : Resolved
I want an expert advice on the time limit under which can a bank can approach the court for the recovery of the amount used of the credit card. Can a bank, if the credit card used in year June'2007 and after that no promise or confirmation of any type or any payment made by the user of the credit card to the bank,can approach the court for the recovery after around 5 years.

Follow Query

Report Abuse

Deepak Nair (Expert) 30 April 2012
3 years is the period of limitation

SAINATH DEVALLA (Expert) 30 April 2012
As far as credit cards are concerned there is no time limit,as in personal loans.7 years have elapsed since you became a defaulter.Contact the customer care of the card, give your card number,and ask for the latest statement.Your heart will stop functioning for a while after knowing the total outstanding on your card.It will run into a few lakhs of rupees.At any point of time you may receive a surprise warrant brought by the recovery agent along with a constable.You will be even more taken aback,to know that the warrant has been issued from a city which is a few thousand miles from your place.Hence just because it is a credit card don't neglect.No one goes through the terms and conditions printed on the application,while signing them.I am not exaggarating things,these are facts.Iam dealing in atleaast half a dozen such cases in my place.

NO MR.DEEPAK,CREDIT CARDS ARE BEING DEALT BY RECOVERY MAFIA,ENTRUSTED BY THE BANKS.TWO REPUTED PRIVATE BANKS HAVE COMPLETELY SPOILED THE CREDIT CARDS BY ISSUING IRRESPONSIBLY.

ajay sethi (Expert) 30 April 2012
in mumbai banks file civil suits for recovery of credit card dues . such a suit has to be filed within 3 years or claim is barred by linmitation . unless you have acknowledged your liabilty claim would be barred

Nadeem Qureshi (Expert) 30 April 2012
Dear Harpreet
according to limitation act suit for recovery can be instituted within 3 years. not after that.
feel free to call