How long banks can try to recover written off credit card dues
Hi,
I used to have 2 Credit Cards of 2 Private Sector Banks when i used to live in Mumubai from 2003 till 2008. I was working for a Multi National Company there.
I had a major accident in early 2008 and had to return to my hometown after that accident as I lost my job. Biggest mistake of my life was that i never took a personal insurance and always relied on the insurance provided by company. Although that insurance took care of my medical expenses but I ultimately lost my job due to physical handicap that I had after the accident which limited my working capabilities. I was also bed ridden for almost 2 years from 2008 to 2010. During this period of 2 years, a lot of my family expenses were met through these Credit Cards. Although I tried paying some money to these Credit Cards, but could not do it regularly. Ultimately cards got blocked in early 2010. I believe i made my last payment in May 2010. I am still carrying a huge amount of money as dues (not to mention interest as well as penalties) on both these cards.
Since then I have been doing odd jobs here and there. These odd jobs have given me some money to barely meet the minimum expenses of my family, however, I have not been able to pay any money on Credit Card since May 2010. Recovery agent harassed me a lot till 2012 but after which they stopped harassing me.
However, i recently received an email stating that my CIBIL Score has changed. Out of curiosity, when I checked it out, I found that it has gone down. Additionally, Against these 2 Credit Cards dues it was written - "Written off, and Suit filed". I am not sure if it is a recent update or an old one as I have not checked my Cibil Score for a long time.
I just want to know whether any bank can file Criminal proceedings after a gap of almost 10 years to recover Credit Card dues? If yes, what will be consequences for me?
Many Thanks,
Manoj Kumar.