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Personal loan default of my brother in law who died, what to do?
20-Dec-2023 (In Banking / Finance Law)
My brother in law died in a road accident 3 months back. He had personal loan without loan insurance. Now bank representatives are forcing his parents to repay the amount. His father/mother does not have any property or income. Whether bank have legal right to force his father/mother to repay the loan in this case. or there any way to get it written off.
If your parents-in-law have signed any guarantee for the loan extended to your brother-in-law, they are legally liable. If not, let them write to the lender disowning any liability on account of that loan.
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Adv. Swaminathan Neelakantan
Coimbatore | 400+ Answers
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Bank cannot illegally force a person to pay loans. they can recover only by legal means. Your brother in law parents should approach proper forum to stop the harassment of the bank agents. Without proving the loan and current repayment amount the bank has no right to recover.
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Adv. Satish Kumar
Chennai | 500+ Answers
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