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Madhu   24 September 2018

Bank loan defaulter

I have 2 credit cards and 2 bank loans pending which I was not in a position to pay back . Now after 8 years they are calling me and asking to pay huge amount in a month of time . In case if I failed to pay "there will be a semence issued against me. " I am not able to understand this . Please let me know what to do . The amount i took was 17900/- in 2008 and I paid 5emis and in 2010 i paid 10850/- for which iam not having any receipt now. In return they are asking to pay 70350/- Or can settle the amount for 56000/- in one go. Please suggest me why will be the best way to clear this and what will happen if something is issued against me .


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 8 Replies

Sachin Bansal   24 September 2018

If your matter is in Delhi. So plz contact me at 9811455868, 9250905868.

Madhu   24 September 2018

Bansal sir , It is not in delhi . It's in hyderabad so what will be the best solution for my situation

Vinit Nair   24 September 2018

if you don't have any reciept regarding your cash payments then it will be very difficult to prove that you did paid your EMI's. if you have paid through cheque, RTGS, NEFT then ask the collection manager of the bank to check your statement of account and pay the balance amount and settle the loan. If you opt to go for one time settlement i.e(56000/-), then while applying for another loan in future, it will show in your CIBIL record, if you go for 70350/- then it will said as account fully paid, dont just rely on their mentioned amount, verify it and ask them to provide foreclosure letter, and then take a call as per your conceniency.
NOTE: ( It might be the interest and interest on interest upon principal amount that it went up around 70k.)

Vinit Nair   24 September 2018

They might have taken blank cheques will issuing loan to you, they can deposit your cheque in the bank, and if gets dishonoured ( bounced) then they can file a criminal complaint u/s 138 of negotiable instruments act.

(Guest)
the claim is time barred u/limitation act

Adnan Kazmi   25 September 2018

Sir can you guide me the limitation provided in law to file a credit card case please and also refer to any high court or Supreme Court judgment

Adnan Kazmi   25 September 2018

Hi I'm from Pakistan just need your sincere help, can you tell me which article of indian limitation act 1963, your courts apply in credit cards cases and can you refer any reported judgment of superior courts high court /Supreme Court Regards Adnan Kazmi advocate +923064743846

Adnan Kazmi   25 September 2018

Hi I'm from Pakistan just need your sincere help, can you tell me which article of indian limitation act 1963, your courts apply in credit cards cases and can you refer any reported judgment of superior courts high court /Supreme Court Regards Adnan Kazmi advocate +923064743846

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