Can I go jail for credit card debt in India?
Can I go jail for credit card debt in India?
You won’t go to jail if you don’t pay your credit card payments because it’s not a criminal offence. They could take legal action in a court of law for failure to pay a credit card bill, and a civil complaint might be filed.
Is not paying credit card a criminal case in India?
For you the takeaway here is that no debt is too small and you could be facing criminal charges against you if you fail to repay the debt. A footnote to the IPO prospectus details the collection procedure followed by SBI Cards.
What will happen if credit card bill is not paid?
If you don’t pay your credit card bill, you will have to pay late fees, increased interest charges and it can cause damage to your credit score. If you continue to miss payments, your card can be frozen, your debt could be sold to a collection agency and the collector of your debt could also sue you.
What happens if you don’t pay a credit card Judgement?
If you do not pay or fill out and mail the Statement to the judgment creditor, you might be in contempt and be sanctioned by the court. This means a warrant for your arrest may be issued and you may have to pay penalties and attorney’s fees.
What happens if you don’t pay your whole credit card?
If you don’t pay your credit card bill at all, you will likely get charged a late fee, lose your grace period, and have to pay interest at a penalty rate. Your credit score will also go down if you fall at least 30 days behind on a credit card bill payment.
What happens if I Cannot pay my credit card bill?
If you don’t pay your credit card bill, expect to pay late fees, receive increased interest rates and incur damages to your credit score. If you continue to miss payments, your card can be frozen, your debt could be sold to a collection agency and the collector of your debt could sue you and have your wages garnished.