Sridhara (Engineer) 20 July 2009
Dear All, I enquired many people, but did not get a clear answer. What will happen to credit card dues after the cardholder is dead. Who will repay the dues. In US it seems the debt is written off, What is the policy in india. If the cardholder is survived by spouse and children, are they responsible for repayment. This is a common issue mostly in middle class families. Please give your insight and advice on this topic.
ramli (freelance ) 20 July 2009
From experience of some of the cases I have heard, the file gets closed. Liability is not carried forward to the heirs. (However legal position needs to be ascertained. The fine prints of agreement needs to be checked.)
A.K.D Sayare (Advocate) 08 August 2009
In India, after the death of the person his LRs become liable for the debt, up to the share of their inheretance, if nothing is inhereted by the LR then he will not be personally liable.
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