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Brother entangled in personal loan and credit card dues how to proceed
23-Sep-2023 (In Civil Law)
My brother is deeply entangled in the personal loan & Credit card dues.Recently he reviled it to me & my father. Now I want to help him to clear off all his loans He has a total loan on approx 16 -17 lakhs (4 personal loans , 8 credit card dues). The monthly Earning of the couple is 42 K whereas the EMI of personal loan is approx 40k( Credit card dues not included). Me and my father are planing to pay off his complete loan from our saving but we can't effort to pay all the amount. We also want his CIBIL score is impacted as he will not get any credit cards/ loans in future. Kindly advice how to proceed...
Hello. There may not be any way in which you can impact his CIBIL score since it can only be impacted by Banks/ NBFCs etc. However, the best recourse is to pay off his credit card dues by executing a simple letter form wherein your payoff is shown as a "friendly loan" to your brother and other terms and conditions can be added to the letter form to bind him to refrain from certain acts in future so that he does not end up himself in a debt trap.
Helpful?
Adv. Maneesh M. Dixit
Mumbai | 25+ Answers
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