Credit card debt more than 10 years
9 months ago
I have rec'd an arbitration notice from a lawyer for a debt which is more than 10 years old. I have asked the authorities to send me the statement of account over phone calls, but they have not obliged. Should I respond to the notice or not?
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.
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A.Dear Client,
A Notice under Section 21 of the Arbitration and Conciliation Act, 1996 is mandatory before referring the disputes to Arbitration. Under Section 11(6) of the Arbitration and Conciliation Act, 1996 for the appointment of an arbitrator, the limitation period of three years for filing such an application would commence from the date when the cause of action arose. So, when you received an arbitration notice against credit card debts, you need to respond to that notice suitably. Reach out to an Advocate experienced in arbitration matters for guidance and steps.
A Notice under Section 21 of the Arbitration and Conciliation Act, 1996 is mandatory before referring the disputes to Arbitration. Under Section 11(6) of the Arbitration and Conciliation Act, 1996 for the appointment of an arbitrator, the limitation period of three years for filing such an application would commence from the date when the cause of action arose. So, when you received an arbitration notice against credit card debts, you need to respond to that notice suitably. Reach out to an Advocate experienced in arbitration matters for guidance and steps.
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