venkatesan (executive) 19 March 2014

Not paid credit card bill for 3 years.

Hi All,

I had a credit card few years before which was only 11,000 limit. Later few years I stopped to pay credit card amount to the bank for 3 years. Now, I received a call from a person and she told that "I am calling from CIBIL corporation". I really panic now. Now my outstanding amount is nearly 50,000 and they are asking to pay me immediatly. I just want to get clarity that, Can bank make police complaint against me. If so, What should I do?

Is there any right to arrest me?

If they filled a case, It will be civil or criminal?

How should I talk with them?

Can I ask few more months for settlement?

Please clarify my question. Please....

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4 Replies

Advocate Rohit (Advocate) 19 March 2014

for what reason you avoided your credit card payment????

Such behaviour spolis the credit rating of the person. Nowadays Banks and Financial Institutions checks cibil score of a person before giving housing, car,education, business loan. Even Credit Card is given on the based of cibil score only.

Anyways, now you have to negotiate hard with them and clear their dues and need to obtain no dues certificate from them.

They do have a right to initiate civil action against you for recovery. need to check whether 3 years time has lapsed or not.

Regards

Advocate Rohit Dalmia

9324538481

Mumbai

Kumar Doab (FIN) 19 March 2014

Mr. Rohit is right.

You used the card beyond the card limit.

That speaks of itself.

CIBIL does not call. It is not a recovery agency/ARC!

If 3 years are over after last payment and debt is not acknowledged in writing then the debt is barred by Limitation and CC company/Bank can not enforce recovery.

Therefore the caller that is for sure a recovery agency/ARC that has bought the debt cheap and is out to make a fats buck is applying all tricks of the trade to recover the Outstanding amount+ hefty interest.

Entry in credit bureau’s like CIBIL is the only dangler with them.

There are many threads with similar queries that you ma find relevant e.g;

https://www.lawyersclubindia.com/experts/Credit-card-defaulter-time-limitations--446061.asp#.Us7ig9IW1MA

venkatesan (executive) 19 March 2014

@Advocate Rohit:

I can remember now, I made last payment before 1 and half years. Shall I ask them to take less than the limit of credit card? That means, less than 10,000. Shall I ask 2 to 3 months time frame to pay this amount? Because, I am really in a bad financial state.

If they call again, Shall I talk brave and bold?

Please advise..