Legal Question in Banking Law in India

I've few credit cards with major cards. Together im due upto 4.4

lakhs...and now im jobless. What are the consequences? will i be getting

legal notices or arrest warrants? It has been 4 months since i stopped

making any kind of payments...changed my address and phone number too.

nothing or no one showed up yet.

will it have any impact if i get a

new job after a month or two. Will they be able to trace me and if they

are able to after an year or two or 4 years, what will happen?

will bank be able to claim this amount via insurance they've for cards?


Asked on 10/24/15, 7:59 pm

1 Answer from Attorneys

Fca Prashant Chavan Expert Edge LLP

25.10.2015

Dear Sir / Madam.

It is advisable and recommended to pay up and settle all your credit card dues to avoid serious hassles in future.

Regards,

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Answered on 10/25/15, 2:45 am


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