Legal Question in Credit and Debt Law in India
in India if a person dies with outstanding credit card loans, are the relatives including wife, parents, brothers etc. liable to pay the outstanding credit card loans?
Asked on 4/06/14, 9:11 am
2 Answers from Attorneys
Adv Meenal Kashyap
M Kashyap & Associates
It will be recovered from the deceased assets.
Answered on 4/07/14, 2:36 am
Fca Prashant Chavan
Expert Edge LLP
08.04.2014
Dear Sir / Madam,
The terms of reference in a Credit Card application usually mention that all the surviving legal heirs remain liable to settle the outstanding in the event of the demise of the applicant. Hence, the legal heirs are liable to settle the outstanding dues of the deceased.
Regards,
Answered on 4/08/14, 2:20 am
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