Credit Card Dues, bank harassing after 8 years.
Hi, I had an ABN Amro card in 2007 and then moved abroad. And, now after 8 years Kotak who has taken over the debt is calling for collections and harassing and threatening me. I haven't received any legal notice from them in all these years and wanted to know if the Limitations Act applies here and if i am liable to pay. Many Thanks.
The limitation period for repayment of the debt is 3 years if the acceptance of the loan has not been given by you within that period, then the recovery is not possible. However if an acknowledgement of debt in writing within three years is made the it would restart the limitation afresh.
Send a legal notice for recovery of dues @ Rs. 1999/- only
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