Exclusive HOLI Discounts!
Get Courses and Combos at Upto 50% OFF!
Upgrad
LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

love   26 September 2020

Sbi card default

Hi members, I defaulted on SBI card and last payment made was on jan 6, 2016. In 2019 i got letter to attend lok adaalat mediation center and then got deman notice. I ignored both of them and now I got Inviation of concialation under sec 62 of arbritation act and its also mentioned that If i ignore this they will file civil and criminal case. Since 2016 I am getting statments in emai. Also I sent few emails in may 2016 to settle the debt but nothing happen and since thwn there is no communcation done from my end.

Please suggest is my debt time barred which is for 3 years after my last payment



Learning

 2 Replies

Suri.Sravan Kumar (senior)     26 September 2020

if the last payment falls beyond 3 years it will become time barred debt. even for criminal action also it will be time barred.

but my sincere advice is to settle the matter amicably. Pl note the bank is the custodian of public money.

love   26 September 2020

Thank you sir for your advice..I am ready to pay the full actual amount in monthly installment of 5000 but they need full amount in 6 installment.. Also need to ask if card comes in unsecured loan they how come they can file criminal case


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register