• Credit card default rules in Chennai

Dear Sir(s)/Madam,
Want to know for credit card defaulted payment legal action from bank.

Made payment for 2 years and now doing part-time jobs. Stopped payment since 4 months.
What is next step I need to take.
NB : Can I file a suit before bank files case for my condition as I'm medically I'll and doing part-time jobs.
Thanks in advance
Asked 4 years ago in Civil Law

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13 Answers

1) if you fail to pay bank dues bank will file summary suit to recover its money with interest .

2) if you are suffering from illness request bank to reschedule your payment

3) seek time to make payment

4) it is better you take loan from family and repay credit card dues

Ajay Sethi
Advocate, Mumbai
87976 Answers
6207 Consultations

5.0 on 5.0

Hello,

No suit can be filed by you.

The bank will invoke the arbitration clause and thereafter you can raise your concern before the arbitrator only.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

Tell your stance to the arbitrator. No suit can be filed by you for non payment.

Regards

Anilesh Tewari
Advocate, New Delhi
17940 Answers
377 Consultations

5.0 on 5.0

well borrow from friends and family

reason is that bank charges you 36 per cent per annum for credit card dues

Ajay Sethi
Advocate, Mumbai
87976 Answers
6207 Consultations

5.0 on 5.0

You are defaulter, what case you will file ?

bank can`t do anything except filling recovery suit that also after many months.

Bank will try to settle matter out of court.

Yogendra Singh Rajawat
Advocate, Jaipur
21481 Answers
31 Consultations

4.4 on 5.0

You don't have to file anything first let them first initiate as in your case it sounds time barred debt

Prashant Nayak
Advocate, Mumbai
27291 Answers
88 Consultations

4.4 on 5.0

Having used the credit card and run up unpaid dues, you cannot now take the plea that you are ill and unemployed. In your own interest, reach a negotiated settlement with the bank and settle your dues early.

Swaminathan Neelakantan
Advocate, Coimbatore
1923 Answers
20 Consultations

4.9 on 5.0

Sir bank can file the recovery suit against you for the payment outstanding the interest. And with the order from court they can attach your properties.

So it will be better to talk to bank reschedule your outstanding amount and emi.

See you such suit cannot legally stop bank from taking steps

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

Sir bank has given a loan and it has right to recover so it is better you settle it by borrowings because it will claim penalty and interest on further default.

Shubham Jhajharia
Advocate, Ahmedabad
25516 Answers
179 Consultations

5.0 on 5.0

You cannot file any case against the bank as you yourself have defaulted in making regular payments as per agreement. You should rather send a letter to the bank requesting them to give you an extension, owing to your medical condition.

If they do not give you an extension, the bank would initiate legal recovery against you by way of arbitration or suit for recovery. So it's best that you pay the bank and get rid of the legal cases.

Siddharth Jain
Advocate, New Delhi
5933 Answers
101 Consultations

5.0 on 5.0

You cannot file any suit agaisnt bank for any reason.

You can request the bank to restructure the loan and ease the repayment terms, but that will depend on the discretion of the bank authorities.

For default in loan repayment, the bank will initiate recovery action against you.

T Kalaiselvan
Advocate, Vellore
78133 Answers
1543 Consultations

5.0 on 5.0

Previously took hand loan of Rs 1lac and paid. Now not in a position and cannot take again and jobless too. Searching jobs

This canot be claimed as an excuse for not repaying the loan.

You can request for easy repayment terms but you cannot avoid the legal action taken by bank for recovery of loan.

Though you will get time for repayment through court when you express your inability to repay the same at once.

T Kalaiselvan
Advocate, Vellore
78133 Answers
1543 Consultations

5.0 on 5.0

1. Issue legal notice to bank about your job loss and you need more time to repay the debt.

2. You can not initiate any suit against bank at present situation.

Niranjan
Advocate, Bangalore
844 Answers
9 Consultations

4.9 on 5.0

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