Legal Question in Credit and Debt Law in India

Can a credit card company recover the dues after 14 years, while all the 14 years, there was no single intimation,notice or any other sort of communication.? Can the credit card company sell away its default customer's accounts to any other recovery agency/ or financial institution. is it legally allowed? if so, can the purchased company legally recover the dues, without prior intimation to the customer and it is also involving in harassing the customers, What does the RBI state in this regard? In India?


Asked on 10/13/11, 10:37 pm

3 Answers from Attorneys
Sanjay Kalra Sanjay Kalra & Associates

No for all your queries.

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Answered on 10/13/11, 11:43 pm
Jayesh Desai Jayesh Desai

The amount cannot be recovered - if they have not recovered; or initiated appropriate legal proceedings in this regard within 3 years. They can assign the debt, subject to the assignor steps in the shoes and will not get a better right then then the original/principle person (in this case Credit Card Company).

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Answered on 10/14/11, 12:11 am
KarVai Legal Solutions Rajiv Gupta 9811284735 Ch.No: 359, Western Wing, Tis Hazari, Delhi www.karvai.in

yes 3 yr is a limitation period

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Answered on 10/16/11, 12:04 am


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