Liability of wife & son to repay husband's small business loan amount


My father died in the month of may ,2014 He has Jewel loan and this business loan in  bank. But we know he was took jewel loan only from that bank. For this jewel he was paid almost 90% when he alive. So then i have paid remaining balance. While clamming jewel they said your father have an another business loan in this bank, First settled the loan amount after that you can claim the jewel. At that time we don't have money and am job less person so we have leave it. Now the bank manager and loan section officer called me and said you and your mother signed as guarantor in acknowledgement form. You and mother should come and sgin in renewal form and pay the loan amount if you’re not signed we will file case against you and your mother. We don’t signed any acknowledge form of renewal but we have filled and signed clam form and submitted required documents like death and legal heirship certificates.Now they are threatening us and spoke harshly.Please help us.What we do further?

Answers (1)


250 votes

If you and your mother had guaranteed your father's business loan, you are liable to repay the loan. It is better to negotiate with the bank for a one time settlement. You may ask the bank to show you the papers you signed.


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