Legal Question in Credit and Debt Law in India

reg. credit card

i have availed two credit card facilities from the same bank. The amount outstading is Rs.1 lakh in one card and 30000 in another. Due to slump in my business iam finding it very difficult to make payments. Inspite of that i have completed the full payment of 30000 rs. card and am requesting the bank to give me options for monthly installment for repaying the 1 lakh card. But the bank is asking me to clear it in 3 monthly payments. kindly advise my options am able to pay only in monthly installment of 5000 rs.


Asked on 7/12/09, 8:18 pm

2 Answers from Attorneys
Sudershan Goel India Law Offices of Sudershan Goel - Advocate

Re: reg. credit card

There is no legal remedy available; you may better settle the matter with the Bank.

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Answered on 7/13/09, 12:40 am
Rohini Kumar Tenneti R.K.1080 LEGAL SERVICES

Re: reg. credit card

You are bound by the bank's rules to that effect but you may still urge for a settlement in an amicable way.The banks mostly does one time settlements and not fragmented settlements.Your case does not have any legal standing.

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Answered on 7/13/09, 4:53 am


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