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UAsking on behalf of a friend –
Need some help from Financial and legal experts present here please:
One of my friends dad had taken up multiple small loans (<50k) from multiple lending apps like Buddy loan which he had kept hidden from his family, and used to pay this loan emi’s using the amount given to him for monthly expenditures while continuing to take more small loans to sustain himself, somehow this worked for a while
When my friends family found about this, they stopped with giving him personal allowances and seized his phone to avoid the further vicious cycle.
It’s been about 6-7 months now since that incident, just wanted to know 2 things:
1) what would happen to the loans that was taken? It still remains unpaid as of date
2) what would be the legal implication for the kids
Note: the family is not in any state to pay the loans back now, and the dad recently went through few heart complications and family spent good amount of money there
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