My father passed away in August this year. He had some credit card with 3 different banks. I am his sole son and I have got some bank balance and FD's (some Jt Account and some Nomination) from him.
Now I think I am liable for my father's credit card debt. I will repay what is owed but I cannot repay the entire amount at once.
I can repay in EMI format. I think the interest should also be waived.
For a OTS I cannot repay more than 40% of the outstanding.
One bank has asked me to contact their recovery agent, the other two have not responded to my email.
I should clarify due to the deaths of my uncles in the interim I had forgotten about this matter till this week.
Should I approach the Lok Adalat for an arbitration at this stage? If so, how should I proceed?. If not also how should I proceed?