We have taken credit card in the year 2002/2003. Due to business losses we could not pay dues. Bank offered OTS in the year 2006 for Rs80000, we requested for Rs.50000, they agreed and collected in five installments total Rs 50000 plus addl 5000 in the year 2007. Thereafater we taught the account was closed. In the year 2009 we received phone from credit card department asking us to pay money, we replied in writing stating that the account was closed in the year 2007 under OTs and copies of OTS letter and payment detailes were sent by Post/Courier. Thereafter there was no calls from the bank. Unfortunately From last one week they started harassing for more money/Interest. How far they are legally right to harass us for more money after 12 years.
we have not given any acknowledgement of debt during last 12 years, except accepting OTS request for Rs 50000 in the year 2006 which was paid in the year 2007.
Please guide us to draft a suitable letter to them to avoid their torcher.
Sir who will keep papers even after closure of the account in the year 2007.
Does the bank has any legal rights to claim more money/interest on 2003 debt and on OTS closed account in the year 2007.
Kindly guide us