• Credit card default

What maximum action bank can take against credit card defaulters if default amount on credit card is around 7000000
Asked 4 months ago in Civil Law from Delhi, Delhi

Banks may offer one time settlement by compromise or settle the dues thru Lok adalath or other modes of recovery procedures.

After exhausting all the chances of a compromise settlement of credit card default dues, banks may be forced to go for filing a suit against the defaulter and other co-obligants or sureties, if any, for recover of dues. once after getting the favourable judgement, they may take suitable action for enforcing the recovery procedure as suggested in the court order.

Siddharth Jain
Advocate, New Delhi
4631 Answers
50 Consultations

5.0 on 5.0

Recovery suit will file. But that will take time and than will take years to recover. 

Yogendra Singh Rajawat
Advocate, Jaipur
12325 Answers
13 Consultations

4.6 on 5.0

Bank would assign this job to some recovery agent who would call you and your references to pay the bank, if he is unable to get the recovery done, then the bank will resort to legal means.

Siddharth Jain
Advocate, New Delhi
4631 Answers
50 Consultations

5.0 on 5.0

Also state the date when the last payment was done from the credit card.

Siddharth Jain
Advocate, New Delhi
4631 Answers
50 Consultations

5.0 on 5.0

Bank can file summary suit under order XXXVII of code of civil procedure to recover dues with interest 

 

 

Ajay Sethi
Advocate, Mumbai
65543 Answers
3967 Consultations

5.0 on 5.0

Bank can also file criminal case of cheating against you for non payment of credit card dues 

Ajay Sethi
Advocate, Mumbai
65543 Answers
3967 Consultations

5.0 on 5.0

Most probably bank would file summary suit to recover its dues with interest 

Ajay Sethi
Advocate, Mumbai
65543 Answers
3967 Consultations

5.0 on 5.0

The bank can file a suit civil in nature to recover the amount and the court on decree can pass necessary order to attach bank account and property.

Shubham Jhajharia
Advocate, Ahmedabad
18317 Answers
71 Consultations

5.0 on 5.0

In usage also the bank can recover the amount and also it will effect the credit history.

Shubham Jhajharia
Advocate, Ahmedabad
18317 Answers
71 Consultations

5.0 on 5.0

Penalty and interest will be levied.

Shubham Jhajharia
Advocate, Ahmedabad
18317 Answers
71 Consultations

5.0 on 5.0

the bank will file suit for recovery to recover the said amount.

if decreed, can get it by way of attaching property.

 

Suneel Moudgil
Advocate, Panipat
1076 Answers
1 Consultation

4.3 on 5.0

They can initiate arbitration and then go for execution in the court.

 

regards

Anilesh Tewari
Advocate, New Delhi
16761 Answers
254 Consultations

5.0 on 5.0

Legal team of the bank can file a recovery suit which is civil in nature and can get you hooked in long terrible court proceedings.

One can also be made criminally liable for default as well if recovery amount is high. But usually civil procedures are occured.

Bank can freeze your bank accounts if it’s part of your agreement.

Mohammed Mujeeb
Advocate, Hyderabad
9395 Answers
3 Consultations

4.5 on 5.0

Dear Sir,

 

- You can connect with bank directly for negotiation and closure the account.

- Be informed, in no case now your SIBIL record will be corrected and it will impact your future relationship pertains to take any loan.

 

Regards

 

Vivek Arya

Vivek Arya
Advocate, Gurgaon
438 Answers
3 Consultations

5.0 on 5.0

They may file money recovery suit and may even bring any property lying on your name to be attached by the court for the purpose of security.

They may indulge in some illegal methods also to recover the amount.

In that case you may approach police seeking protection 

T Kalaiselvan
Advocate, Vellore
55388 Answers
674 Consultations

5.0 on 5.0

Whether credit car or a normal loan, the may follow the due [process of law for recovery through civil court  hence you better talk to them and gt your loan restructured and settle it at your convenient

T Kalaiselvan
Advocate, Vellore
55388 Answers
674 Consultations

5.0 on 5.0

They can file civil suit for recovery and spoil your credit in cibil

Prashant Nayak
Advocate, Mumbai
11738 Answers
18 Consultations

4.8 on 5.0

The creditor can file civil suit to recover the loan amount and on getting decree of it can proceed to attach and sell your property to recover the loan amount.

The bank can file criminal case of cheating as well .

 

Devajyoti Barman
Advocate, Kolkata
17497 Answers
248 Consultations

5.0 on 5.0

Forfeiture of the property and arrest attracts for the defaulters with black listed for future.

Koshal Kumar Vatsa
Advocate, Gurgaon
1706 Answers
1 Consultation

5.0 on 5.0

  1. Credit card can be used for tow purposes, one so to swipe it and second is to withdraw some (40 percent) of cash from the total credit limit over the credit card.
  2. Now, if you have used either of the facility, you will to repay the same within the period of 45 days.
  3. If you fail in that then bank can file a suit for recovery (civil case) before the civil court of law to recover the amount with interest thereupon.
  4. But, if you do not appear before the court in proceedings then at the end court may issue warrant for attachment of property of yours.
  5. If no property then you can be put in jail, till the time you clear the dues.

Sanjay Baniwal
Advocate, South Delhi
4787 Answers
11 Consultations

5.0 on 5.0

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