I have a SBI credit card with limit of 1.95 lacs, fully utilized. I could not pay anything for 2 consecutive months. what legal action can the bank take against me??
1. Credit Card Co., can file prosecution against you for recovery of their amount and interest, upto date of settlement.
2. AFTER Court order, If you still do not pay, THEN your personal properties become liable for attachment /auction. Your credit score (CIBIL) will be the worst ever and you will never get any credit card or any type of loan in future from Bank /NBFC /Others....
Members of this forum can not auger the future course of such overdue, particularly if the recovery is entrusted to outside agencies, and believe me that third party recovery agents know all tricks of recovery through intimidation and harassment. The immediate loss is that you stand to lose your credit rating, and it is impossible for you to raise any loan from any financial institution in the future when this loan is outstanding.