Legal Question in Credit and Debt Law in India
My father was the sole card holder with a few banks. He is recently deceased. There was no insurance nor estate in his name. I would like to know whether we are liable to fulfill his credit card outstanding. What does the law have to say about deceased cardholders outstanding in India?
1 Answer from Attorneys
12.08.2013
Dear Sir / Madam,
A credit card is a form of short term bank borrowing wherein the bank first pays for the purchase of goods or services made by the customer, on behalf of the customer, and later bills and recovers the money from the customer. The customer's credibility is reviewed and revised (either increased or decreased) by the bank depending on the customer's A/c history and payment capacity from time to time. In case of death of the customer, like a loan liability is settled by the legal heirs, for a credit card liability too, the legal heirs of the customer are supposed to settle the deceased card holder's outstanding debt.
Regards,
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