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Personal loan written off in 2007 now in 2016 Bank is asking repayment
18-Jun-2023 (In Banking / Finance Law)
UTI Bank personal written off in 2007 with Outstanding of 30000, Today Axis bank is asking for 1,86,000 against this loan. No communication from bank between 2007 till this latest communication. Need help to sort this out.
Don't reply to this latest communication at all . Your debt is a time barred debt and the bank cannot take any legal action against you for recovery of the due amount . This last communication is an attempt by the bank to make you acknowledge the debt afresh and thus get an extension of time period to file a recovery suit against you on the basis of the acknowledgement. Don't reply to any communication from the bank
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Adv. Suneet Bhardwaj
Delhi | 25+ Answers
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