Limitation Act

Querist : Anonymous (Querist) 09 November 2010 This query is : Resolved
I had a Credit Card which I had stopped making payment in April 2007 due to some wrong charges by the bank...I want to know that as of today can bank claim their money or I can have the benefit of the limitation Act in my Favor, as it has already been more than 3 years they have not contacted me.

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Khaleel Ahmed (Expert) 09 November 2010
The query mentioned above is infact not right.

pawan sharma (Expert) 09 November 2010
yes you gote the benifit of the said Act bcz the time of 3 years has already been spent,in law its called time bared debts, so you can take the said plea in your defance if the bank file the suit against you.

niranjan (Expert) 09 November 2010
If you have not got cancelled the credit card,you are liable for charges that may be debited in your account,so no limitation available.

adv. rajeev ( rajoo ) (Expert) 09 November 2010
To recover the dues time limitation is 3 years, so you are safer side.

s.subramanian (Expert) 09 November 2010
Your stopping of paymnet will not and cannot terminate your account with the bank. It continues even now. If the bank chooses to take action,penal interest for non payment for all these years will be added to the amount due from you. Better check up with the bank and settle the same properly. Do not be under any wrong impression that the dues are time barred. it might land you in big liability unnecessarily.

Querist : Anonymous (Querist) 09 November 2010
I can't understand as per limitation act after 3 years of last date of transaction,any claim made,case filed by any party not mentionable.

Chanchal Nag Chowdhury (Expert) 09 November 2010
Not for a valid credit card. By the same logic, your savings a/c. may be time-barred if there is no transaction for 3 years.