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Discussion > Business Law > Banking > Credit card debt after the death of the card holder   Unanswered Threads Post New Topic

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There are 6 Replies to this message


ATKS


A
[ Scorecard : 32]
Posted On 30 October 2011 at 16:41 Report Abuse

What happens to the credit card debt after a person dies? Do his/her legal heirs assume that debt or is it written off because it is an unsecured debt?

Please advise



Total thanks : 1 times


J. P. Shah


RTI & CONSUMER ACTIVIST
[ Scorecard : 2091]
Posted On 30 October 2011 at 17:44 Report Abuse

Heirs are liable to pay the debt to the extent of property inherited by them from deceased.


Nadeem Qureshi 9953809956


Advocate/ nadeemqureshi1@gmail.com
[ Scorecard : 20898]
Posted On 31 October 2011 at 09:33 Report Abuse

Dear ATKS

If the bank/Finanacial institute the civil suit for recovery then the Legal reperentative of the Defendant/card holder is liable to pay from inherence property of the decease, but if the bank/financial institution do not files any suit then they can not claim money.


R.venkatesh Naidu


.
[ Scorecard : 813]
Posted On 31 October 2011 at 15:58 Report Abuse

it is not treated as unsecured debt.  the bank can right to collect the debt for the credit card from the legalheirs of the deceased card holder.


A.A.JOSE BARODA


LAWYER; LEGAL ADVISER/CONSULTANT& TRAINER
[ Scorecard : 6921]
Posted On 31 October 2011 at 19:21 Report Abuse

Yes, the Bank has remedy against the legal heirs.


Ramalingam K


Founder and Director of Holistic Investment Planners (P) Ltd., a financial planning nd wealth mgt company. An M.B.A., graduate nd CFP certified professional having 11 years of experience in investment advisory.
[ Scorecard : 349]
Posted On 12 November 2011 at 12:47 Report Abuse

Credit cards have turned into an integral part of modern living as they facilitating making purchases and paying bills without carrying cash. They make life easy and help maintain a record of our expenses and help us dispute charges for undelivered and defective things. In addition they enable us to earn reward points. However credit cards could make you overspend and get into debt. There are 9 ways that could help you to be credit card smart. http://holisticinvestment.in/9-ways-to-be-credit-card-smart Regards, RAMALINGAM K. MBA, CFP, CHIEF FINANCIAL PLANNER, HOLISTIC INVESTMENT PLANNER PRIVATE LIMITED. www.holisticinvestment.in

RAJU O.F.,


Advocate
[ Scorecard : 2988]
Posted On 16 November 2011 at 21:45 Report Abuse

Recovery legally possible by bank, only by filing suit, impleading all the legal heirs of the deceased card-holder, who inherited portions of his estates



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