I had a credit card from Barclays Bank, in the year 2008-09. Now in 2017, I happened to pull out my CIBIL report & realize that there is some amount due on my my card. The CIBIL report says the account to be with Phoenix ARC. When I called them, I was directed to a representative from Kotak. Though the amount is only 20,000 INR & I do not have a issue paying it off, I have a few questions: One: Since there was not communication from the Bank or the third parties to clear the dues, and it's me who is discovered the anomaly. Is the Bank/third party liable to charge interest from me? Two: I'm asking the Kotak representative to share the intimation letter vide which my account was transferred to their firm, as I want to be assured that I'm paying to the correct party. Is this a legitimate ask? Three: The breakup that I'm receiving has only 2 parts to it, viz, Principle & interest. The representative is not able to share the details of the Principle amount. Four: I have myself initiated a email communication with Kotak. Will I give an advantage if I have to file a case in future.
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Three: The breakup that I'm receiving has only 2 parts to it, viz, Principle & interest. The representative is not able to share the details of the Principle amount. Am I not eligible to ask for the detailed statement to verify the amount to be correct.?
1) claim of bank is barred by limitation
2) it cannot file suit to recover its dues as more than 3 years have passed since last payment was made
3) you can seek details of intimation letter from Kotak bank
4) seek detailed statement of account from bank
5) the details of principal amount would be reflected in statement of account
6) you should not consider filing any case as claim of bank is barred by limitation
You are entitled to detailed statement of account as to how the principal amount has been arrived at
2) it should reflect loan taken ,interest paid by you , penalty levied for late payment etc
1. The bank can charge interest even if there was no demand made by it so far.
2. It is perfectly legitimate on your part to seek the authority letter from Kotak. You should cross check the authority letter with the bank.
3. Do not pay the principal amount until the break up of it is given to you. It is your right to seek it.
1. It becomes your duty to repay the loan or the amount used swiping credit card and the the interests thereon.
If you have stopped the repayment and there are some dues left out top be paid, then as per the terms the bank has rights to charge interest on it till the time it is repaid or it written off.
2. The Kotak who claims to be representative is bound to intimate you that they have been appointed as collecting agents or authorised representatives of Barclays bank.
they are obliged to reply to the notice that may be served by you in this regard.
3. You can clarify the details of outstanding amount i.e., principal and interest thereon.
4. You somehow have to repay or else your cibil credit will remain adverse, hence better try to clear the same after collecting the details.
The breakup that I'm receiving has only 2 parts to it, viz, Principle & interest. The representative is not able to share the details of the Principle amount. Am I not eligible to ask for the detailed statement to verify the amount to be correct.?
You should insist on the details, because the Barclays may be having the details till the time they transferred this loan to Kotak and further details would be held by Kotak alone. If they dont furnish the details, you may su them for wrong particulars and loan details which spoiled your cibil score making you ineligible for future loans,