Credit card banks creating trap for students
Credit card banks creating trap for students
Given that credit card banks often issue cards without verifying income, how can they justify charging hefty penalties to students who are unable to pay due to a lack of income? As a student who is cu
3 days ago
A. Dear Client,
Credit Card eligibility for students is typically their age since they don't have a monthly income or credit(CIBIL) score. The minimum age to avail of Credit Cards is usually 18 years. However, the eligibility criteria can differ across banks and credit card issuing companies. To apply for a secured credit card, add-on card, or student credit card, income proofs are not needed. However, some banks might be willing to give you a standard credit card if you are a student with a stable ...ReadMore
Vidhikarya
credit cards and personal loan
Sir, I had a lot of personal loans and credit cards which I am not able to pay now. My financial condition is not good. I do not have any other option through which I can repay. Will I go to jail or w
1 week ago
A. Dear Client,
Hope this reply answers your query, as you did not pay your personal loan and credit cards, bank has an option to take against you. But, you can ask for extention of such payment on your part explaining them about your financial situation. They can sue you for the same and can proceed accordinly with court orders.
Vidhikarya
Loan default
Hi I received a pre cognizance notice from judicial magistrate court to appear in court in a case against me by Axis Bank u/s 138 ni act for defaulting in repayment of my education loan. I don't have
1 week ago
A. Dear Client,
In India, the legal framework for dealing with defaulted education loans is governed by the Negotiable Instruments Act of 1881. According to this act, if a borrower fails to make payments for more than 180 days, the lender has the right to take legal action under Section 138 of the Act. Lenders typically classify borrowers as either “wilful defaulters” or those facing unavoidable circumstances. A wilful defaulter is someone who intentionally avoids repaying their loan despite ha ...ReadMore
Vidhikarya
Bankcurptcy filing
Respected Sir, I have 39 lacs debt on me due to stock market loss. I have taken all amount from bank and nbfc. Now bank is filing cheque bounce case on me. Emi combining all loan become twice then my
1 week ago
A. Dear Client,
A person is personally liable for debt availed of from a financer and legally, there is no escape route to get rid of that liability. The financier shall take its own course of legal action to recover the debt from the defaulter. Under the Provincial Insolvency Act, 1920 (which is now repealed as IBC Code 2016), you can file for bankruptcy if you are unable to repay a debt greater than ₹500. After analyzing whether the conditions for filing for bankruptcy have been met, the court ...ReadMore
Vidhikarya
A. Dear Client,
Your query requires more details to respond suitably. However, be informed that the law cannot protect a wilful defaulter of debt unless there exists a cogent ground behind the default, but can aware defaulter of the consequences arising out of such default. Once the repayment of the loan stops or bounces for consecutive 3 occasions the Bank initiates a routine course of legal action for recovery of the loan from the borrower marking the loan as a bad loan/NPA and offering the borro ...ReadMore
Vidhikarya
A. Dear Client,
You can stop auto-debit transactions by contacting the Bank or NBFC that is debiting your account based on your ECS mandate. You can cancel auto debit online through your bank's online banking portal or using Mobile App. The Bank's customer service should be able to help you, and there might be an online form you can use. Then, follow up by writing a letter or an e-mail to the concerned Bank.
Vidhikarya
How recover from loan and credit card
My salary 44600, but have multiple loans 4 and 4 credit cards outstanding 1256000 How recover from this i am not able to emi because its 68000 around please help me this
2 weeks ago
A. Dear Client,
You get a salary of Rs. 46,600 and have outstanding loan/overdue on your balance sheet of Rs. 12,56,000 and EMI of approximately Rs. 68,000. To deal with the financial adversity, you should review your monthly cash needs, renegotiate the EMIs or ask for a temporary suspension of loan payments, and opt for debt settlement by which a debtor pays some amount in full to clear the outstanding balance. If debts become unsustainable you can apply for insolvency under the Insolvency and Ban ...ReadMore
Vidhikarya
Vidhikarya
Insolvent
Credit card n personal loan of rs 37 lakh Till now v gud cibil n all time payment but now my position exhaust n I can't pay a penny m bankrupt
3 weeks ago
A. Dear Client,
Calculate your monthly income and essential expenses to understand your cash flow. In this scenario, reach out to your credit card companies and loan providers to explain your situation. They may offer options like restructuring your loans, reducing interest rates, or providing temporary relief. Negotiate with your creditors to settle your debts for a lower amount. Combine all your debts into one loan with a lower interest rate, making it easier to manage payments. As a last resort, ...ReadMore
Vidhikarya
Cibil Score status writtenoff still bank can file case
Cibil Score status writtenoff still bank can file case?
3 weeks ago
A. Dear Client,
The contents of your insufficient query appear to be cloudy for lack of transparency. While you are stating the status CIBIL score "written off", you are talking about the filing of the case by the Bank. Both the issue is different having no nexus with each other. When a CIBIL status shows written off, it has a significant negative impact on your credit score. Once the loan accounts are paid off and a no-dues certificate is obtained, the written-off status will be removed, which ca ...ReadMore
Vidhikarya
Drt recovery OA
What is limitation period from NPA date to filed OA case by Bank ? time'limitation is barred after 3 years?
1 month ago
A. Dear Client,
OA(Original Application) is filed by the Bank/FI against the borrower under Section 19(2) of the RDB Act, 1993 for recovery of dues to the Bank/ Financial Institution. The limitation period for debt recovery in India is typically three years from the date the cause of action arises, that is the date when a loan is declared bad loan or NPA. However, different types of debts may have different limitation periods. The statute of limitations varies by state and type of debt but typica ...ReadMore
Vidhikarya
