Credit Card Due
9 months ago
Can a bank file a court case after 3 years from the credit card due date?
A.Dear client,
The suit for the recovery of money has to be filed within three years from the date of borrowing so in your case the debt is barred by limitation so they can't recover the amount.
The suit for the recovery of money has to be filed within three years from the date of borrowing so in your case the debt is barred by limitation so they can't recover the amount.
Helpful
Helpful
Share
A.Dear Clients.
Credit cards are a liability and not an asset, as the money on the card is not yours and this credit line does not increase your net worth. So if the dues/outstanding lying unpaid against a Credit Card, Bank can take legal action even after three years on the ground of continued cause of action. Therefore, don't take it lightly or casually. Even if the Credit Card is not in use, it incurs high-interest charges on outstanding, risk of fraud, etc. Additionally, a few additional expenses such as annual fees, fees of foreign transactions, expenses on cash withdrawal, etc. associated with a credit card. Banks can initiate a civil lawsuit against the defaulter to recover their debts in addition to initiating criminal actions.
Credit cards are a liability and not an asset, as the money on the card is not yours and this credit line does not increase your net worth. So if the dues/outstanding lying unpaid against a Credit Card, Bank can take legal action even after three years on the ground of continued cause of action. Therefore, don't take it lightly or casually. Even if the Credit Card is not in use, it incurs high-interest charges on outstanding, risk of fraud, etc. Additionally, a few additional expenses such as annual fees, fees of foreign transactions, expenses on cash withdrawal, etc. associated with a credit card. Banks can initiate a civil lawsuit against the defaulter to recover their debts in addition to initiating criminal actions.
Helpful
Helpful
Share
Read Related Answers
Online job fraud
Dear Client,
Please register a complaint with cyber security for online fraud and scam. Complaints can be reported through helpline number 1930 or on National Cybercrime Reporting Portal. Or you can a...
Loan
Dear Client,
A co-applicant/borrower is equally liable for repayment of the debt if the principal Borrower fails to repay it and if after exercising all the steps for recovery of debt against the Bor...
Compassionate appointment
Dear Client,
The SBI rules can not be breached. it could be the policy of the bank to not hire anyone. Please check with the rules and guidelines for heiring employees
Education Loan OTS
Dear Client,
Try to go to the online portal of the said bank and complaint about grievance through the same. it is advisable to repay the loan amount within the stipulated time or you may face seizur...
Sbi account put on stop by cyber security
Dear Sir/Madam,
Under the following provisions the Hon’ble Magistrate Court having ample powers to unfreeze the Bank accounts. Further, the Hon’ble Court has vast powers to hand over the properties/v...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
