187+ Lawyers are online 
Solution in case family member died leaving loan from chit company
11-Aug-2023 (In Banking / Finance Law)
My brother in law expired he is aone of the chit holder in sriramchit already he collected money form chit company, now we have to pay the some payment in monthly wise.no we dont have money to pay the company.what is the solution please
The liability to repay the loan taken from the chit fund company will fall upon the estate of the borrower or upon the guarantors. The guarantors to the surety are liable to repay the amount. The company cannot claim from any other person other than the guarantors.
Helpful?
48+
48+
first you please check that the chits subscibed shall have debt insurance credit shield, that means insalments payble to any chit company are insured upoon death the balnce instalments are rembursed by insurance company, since you have intrest to pay the due amount you can seek time for payment of balance amount due.
Helpful?
41+
41+
Adv. Kaluvala Venkata Vara Prasad
Hyderabad | 25+ Answers
CONTACT NOW
Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.
Connect with top Banking / Finance lawyers for your specific legal issue
No Comments! Be the first one to comment.
"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."
