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Credit Card's Interest : Limitation Act 1953

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asked on Jan 14, 2020 at 12:59
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Hi,
I got few questions, hope that somebody can assist me. Basically i have 2 credit card debt which is the last payment was on 2013 and yet the debt collector still asking me to arrange for payment. The question is :

1. After 6 years, can the bank still charge interest on my outstanding debt? Because, Limittation Act provide that " no arrears of interest in respect of any judgment debt shall be recovered after the expiration of six years from the date on which the interest became due". I got confused because one of my credit card outstanding didnt  increased since it has been blocked. While the other one keep on increasing from -+ 2k to 6k now. 

2. Should i update my current correspondence address to the bank or debt collector as i am afraid the bank or lawyer will send me a summon/bankruptcy notice to the old address once the outstanding reach 50k and i will not receive it due to the address.

Hope i can get a clear explanation here. Thanks in advance. 
Btw, i plan to settle all this debts when i m in financially stable.

thanks again : )
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1 Answers

answered on Jan 14, 2020 at 16:24
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1. After 6 years, can the bank still charge interest on my outstanding debt? 

Why should'nt they? It is still a debt to them and not a judgemental one yet.

Limittation Act provide that " no arrears of interest in respect of any judgment debt shall be recovered after the expiration of six years from the date on which the interest became due".
Can you cite the specific section & number in the act where this statement is deŕived from.

2. Should i update my current correspondence address to the bank or debt collector as i am afraid the bank or lawyer will send me a summon/bankruptcy notice to the old address once the outstanding reach 50k and i will not receive it due to the address.
Since the debt collector has no problem reaching it to you then you might as well update the bank (minus the debt collector) with the correct address for future legal purpose.
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