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I have done a Credit card payment default. Want to know further steps
18-Sep-2023 (In Banking / Finance Law)
Sir, i take a credit card of axis bank before 4 years till the last 6 months i properly paying all my dues but afyer that i am inable to pay the due. After that i paid some minimum amount to avoide it NPA. I want knw that what are steps bank takes to recover the amount in different steps and the legal consequences.
Dear friend,
If the Bank initiate any steps to recover money, you must approach the Bank and ask them for a detailed account statement. On perusal of it,if you find they are charging exorbitant amount which exceeds the existing laws of State /RBI, you can very well sue them. Also, you can approach the Court seeking an Order to stop all recovery proceedings by the Bank. If the amount they demands is actually due from your side, still you can negotiate little & you can pay back in EMIs (after mutually agreed in writing) since its an old debt However, if you furnish exact details with regards to due amount and repayment, then only I can give you an exact advise.
Regards,
RAJESH NEDUMPROM,Adv
If the Bank initiate any steps to recover money, you must approach the Bank and ask them for a detailed account statement. On perusal of it,if you find they are charging exorbitant amount which exceeds the existing laws of State /RBI, you can very well sue them. Also, you can approach the Court seeking an Order to stop all recovery proceedings by the Bank. If the amount they demands is actually due from your side, still you can negotiate little & you can pay back in EMIs (after mutually agreed in writing) since its an old debt However, if you furnish exact details with regards to due amount and repayment, then only I can give you an exact advise.
Regards,
RAJESH NEDUMPROM,Adv
Helpful?
14+
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Adv. Rajesh Nedumprom
Tiruvalla | 100+ Answers
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Usualy credit card dues are small amounts when comes to recovery by a bank. Banks usually file cases under Sec 138 of Negotiable Instruments Act by using the cheques given as security during issuance of credit card. They can initiate criminal prosecution for the said offence if amounts are not collected on presentation of cheque. So also the banks can initiate civil cases to recover money due to them. Case inder NI act can invide warrant, arrest and detention if found guilty of the offence. Civil case can bring in attachment of your property and a money decree in favour of the bank.
Helpful?
22+
22+
Adv. Murugan E.M.
Ernakulam | 25+ Answers
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