What action credit card company can take for non payment?
2 years ago
If i have not paid for credit card outstanding amount. Last 1 year to till date. Also i have not made any Settlement with bank.
So what legal action do the credit card company.
A.Dear Sir,
Be informed that it is a purely personal loan and not secured. At the most they can go to the Civil Court or put a case before a Arbitrator and get a decree or award. On the basis of such decree or award they can attach your movables. If you are not intelligent they may also arrest you. But, arrest in civil cases happen only when you refuse to pay having sufficient funds.
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Be informed that it is a purely personal loan and not secured. At the most they can go to the Civil Court or put a case before a Arbitrator and get a decree or award. On the basis of such decree or award they can attach your movables. If you are not intelligent they may also arrest you. But, arrest in civil cases happen only when you refuse to pay having sufficient funds.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Hi,
You may face not only late fines and higher penalty interest rates, but also a blow to your credit score. If your overdue balance remains unpaid for an extended period of time, your account may be placed in collections, and you may be served with a debt collection lawsuit.
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You may face not only late fines and higher penalty interest rates, but also a blow to your credit score. If your overdue balance remains unpaid for an extended period of time, your account may be placed in collections, and you may be served with a debt collection lawsuit.
If you find this answer helpful please rate my answer. Thank You.
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A.Hi,
In the event of a credit card payment default, legal action may be taken. This can be turned into a civil issue, and a lawsuit can be brought in court against you. You will be required to pay a penalty as well.
If you find this answer helpful please rate my answer. Thank You.
In the event of a credit card payment default, legal action may be taken. This can be turned into a civil issue, and a lawsuit can be brought in court against you. You will be required to pay a penalty as well.
If you find this answer helpful please rate my answer. Thank You.
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