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Demand for 8 years old credit card outstanding & personal loan
25-May-2023 (In Banking / Finance Law)
I had availed a personal loan and a credit card from a bank in year 2008-10, but due to financial crunch I was unable to repay EMIs and credit outstanding on card, I tried to settle but couldn't. Also requested bank to reschedule the PL, but it didn't. Now after around 8 years some pvt. ltd. Company sister concern of some other bank is asking for the amount, while in CIBIL the original lender Bank has mentioned loan and credit card amounts as written-off, Please suggest can they claim amount after 8 years. that too some other company/bank. And what should I do ?
It had to be checked from the notice and the last payment you made because the demand of payment has to be in three years from the last cause of action. It had to be looked into from various factors as like when the last installment was due etc
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Adv. Vikram Vishal Minhas
Delhi | 25+ Answers
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Its will be confirm when you will send us that letter where they are demanding that outstanding amount .
Without which not able to tell you anything as do not know whether it is another company or not.
Without which not able to tell you anything as do not know whether it is another company or not.
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Adv. Rajat Goel
Delhi | 25+ Answers
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No they can't and to stop them you need to file civil suit against them and also file a complaint against that bank in your local police station otherwise they will go to court and file recovery suit against you.
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Adv. Lavika Gupta
Delhi | 100+ Answers
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You are unable to repay EMIs and credit outstanding on card and also you requested bank to resechedule the personal loan but they didn’t. Now after 8 yrs their sister can’t reclaim it when it’s original lender has clearly mentioned it as written off. They have no locus n barred by limitation period.
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Adv. Vipin Rathee
Delhi | 25+ Answers
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you need to visit a lawyer with all your documents. if the bank has been taken over by some other bank then yes they can claim. however as its been 8 years, they might be hit by limitation but we can state positively only after seeing all your papers.
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Adv. Sandeep Saini
Delhi | 100+ Answers
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