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Can a personal load and credit card dues be recovered after 8 years
17-Feb-2023 (In Banking / Finance Law)
If any one has taken personal loan and credit card loan from bank and could not pay due to some finance reason. Is any law for recovery of that loan after 8 years. If bank has send the notice for some time but not filled any legal suit in court then what legal action can take bank for default of loan and credit card payment. Also if lender want to settle the loan with payment of Min. amount which he can afford then court will take what decision if bank file case against him.
A personal loan and credit card dues can both be recovered by the bank if the bank sues you. Time factor is not a major constraint here .The settlement amount can be done between the parties i.e. the lender and the borrower anytime before or during the case. Alternatively,if the court has to decide, Courts decision will depend on facts and circumstances of the case.
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Adv. Usha Sharma
Delhi | 25+ Answers
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