Suresh Jogini
TF Buzz
What happens to credit card debt when you die?
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What happens to credit card debt when you die?
- Thread starter Suresh Jogini
- Start date
Ideally , it's a loan that needs to be settled by deceased person's nominee or family member if the lender insists on it.
If the legal heir has inherited property from the deceased then the legal heir is liable for payment of the CC dues to the extent of the property inherited
"Now, the onus for the payment on death of the card holder lies with the legal heir. So, to the extent there has been a property inherited, the legal heir needs to pay the amount outstanding on the credit card with interests and all other charges, as applicable."
Read about it here https://www.kaanoon.com/284879/debt-of-a-dead-credit-card-holder
"Now, the onus for the payment on death of the card holder lies with the legal heir. So, to the extent there has been a property inherited, the legal heir needs to pay the amount outstanding on the credit card with interests and all other charges, as applicable."
Read about it here https://www.kaanoon.com/284879/debt-of-a-dead-credit-card-holder
No doubt spouse or nominee or legal heir to repay
Anyways wherever we have card covered insurance we gave spouse details and if not for add on cards we include them so banks will easily catch them for outstanding dues
going by the rule it's totally unsecured so legal hiers even though inherited assets can not be legally made to pay and courts have said the same in many cases
and banks have insurance cover for these unsecured loans
but in reality banks pressurise or make it difficult to get unscathed without paying ...but if you can fight it out no payment required same is true for personal loans etc and even if needs to be paid under any circumstances or judistriction it's least priority one and can easily be dealt via courts if adept
and banks have insurance cover for these unsecured loans
but in reality banks pressurise or make it difficult to get unscathed without paying ...but if you can fight it out no payment required same is true for personal loans etc and even if needs to be paid under any circumstances or judistriction it's least priority one and can easily be dealt via courts if adept
The issue normally arises when you are a supplementary cardholder on the same card account and the add-on card reflects in your Cibil/other credit bureau scores - not all card issuers report add-on cards to the credit bureau so YMMV
If you don't pay, the account will show up as written off or missed payments, etc which will bring your credit score down.
If you don't pay, the account will show up as written off or missed payments, etc which will bring your credit score down.
rteja26
TF Buzz
My mom has an RBL Credit Card issued wrt her Bajaj finserv card.
She passed away an year ago, and on the day of her demise it had an outstanding balance of 1.35l.
I called up customer care & updated them, they said to mail death certificate and other details.
The bill was then waived off.
I have not paid anything.
She passed away an year ago, and on the day of her demise it had an outstanding balance of 1.35l.
I called up customer care & updated them, they said to mail death certificate and other details.
The bill was then waived off.
I have not paid anything.
Oh ok
Not sure all banks follow this
wow.. bajaj / RBL surprises me..
