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Legal Action on Credit Card Defaulters


Legal Action on Credit Card Defaulters   I had a credit card from SCB Hydrebad in 2006 and had an O/S balance of 20000.Due tIo some unavoidable circumstances and parents death I had to move out and missed paying the same.Now I tried reaching SCB for settlement and they say that it is an NPA and have sold it to third party named Shaha Finlease. Now Shaha Finlease is asking me to pay 1lakh plus for settlement and says that they would take legal action and a Non bailable warrant will be issued against me.I am ready for the settlement but cannot pay such huge amount.Also since I stay out of India now they are threating that the case will be sent to Indian Embessy and I might have to come back to India,losing the job.Please let me if a third party can take any such legal actions and how to proceed further on the same? shud I have to deal with SCB or Shaha Finlease since Shaha Finlease is not listed under Asset Reconstruction Companies?Thanks

   dear client,
u may file petition before the debt recovery tribunal recovery of ur assets under section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. u may give power of attorney to deal the case. under

if u want any further clarification contact me on phone via path legal

pvs saikumar, advocate, visakhapatnam
(if u like my answer please raise thums up)
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