Legal Question in Banking Law in India

Credit Card Default - India

I have defaulted on 3 credit cards. I am actually having no money to repay them. What should i do to help myself. What are the legal implications of the same? What can the card companies in extreme cases do if i cannot pay? Can they take legal / police step and send notices?

Asked on 8/03/09, 7:04 am

4 Answers from Attorneys

Card companies can take police as well as legal action to recover their money. They can even sold your property and send you behind the bars.

For More detail, Mail your detail to the undersigned;

Mr. Kamal Grover, Advocate (Chandigarh, India)

M: 09814110005

e-mail: [email protected]

Note: We are group of advocates, experts in different fields of law in Supreme Court, All High Courts and few district courts of India and your case will be handled by our experts in your locality.

Regards and good luck

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Answered on 8/03/09, 7:10 am

RAJIV GUPTA (Cell: +91 9811284735) [email protected]

at the most the bank would file a suit for recovery and non payment of loan cannot be considered a criminal offence. you may appear before the court and express your wish to pay back the loan and the suit would be compromised.

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Answered on 8/03/09, 7:28 am
J. Radhakrishnan independent Practice

apply for being adjudged as insolvent. Some companies may discontinue an employee if he is adjudged as an insolvent. you will have to surrender all your assets other to the official Receiver and will not be eligible to contest as a candidate in any election to public office.

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Answered on 8/03/09, 7:31 am
Sudershan Goel Sudershan Goel - Advocate, International Visiting Scholar, USA [2008-10]

I agree with the above opinion.

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Answered on 8/04/09, 8:34 pm

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