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UI am 19M, my father is in a loan on 70 lakhs. I wasn’t able to clear JEE, and even fucked up my drop year. I had to work a lot at my father’s shop so I couldn’t focus much on JEE, and at around end of October, I was so far behind I gave up. now going to a tier 3 college.
My father eats up all of my mother’s savings — some of which was saved for my sister’s weddings. I just have one elder sister. My father wasted money on three different business he came to know from “facebook”. (before this he had around 55 lakh loan), one of it was some company named effizent — they totally scammed him and didn’t provide any services. Another, he wanted to sell bags/distilled water (that’s his primary business) on India mart but on buying a subscription from India Mart — which they didn’t provide any service. We filed a complaint on consumer portal but the India Mart lawyer threatened us with a 1 crore fine, and I had to bow infront of him to take the case back otherwise I will commit suicide. Third, he started a e-rickshaw showroom — he took more 10 lakhs loan for this and partnered with some shady guy, everything is in that guy’s name, and all the loans are under my father.
He tries to act rich infront of others so if someone comes to him for money, he just takes a loan and gives them to “act” rich as if he is the only one who can provide a loan such big. and the person will never pay back so it all adds up.
I just wanted to know if he dies under some circumstances, will I or my mother be liable to pay all the loans or we can be free if he suddenly passes away?
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SEvery legal document he has ever signed authorising such loans include the clause that Guarantor is liable to pay.
Who is the Guarantor ?
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UNo, AFAIK, if someone from your family didn’t co-sign it then they might not be liable to pay it. But, if he took loan from other people in cash then I don’t know about that. Maybe people who are more knowledgeable can tell.
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Uhe took around 40-45 ish from bank and other is all cash from different people — I am worried mostly about them, such that if they don’t receive the money bank, they may make a scene later on. since one of them have been calling him constantly about paying back.
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UHmm, concerning. You need to talk to an actual lawyer/financial advisor. Believe me, the people who take loans regularly will even take it when there are no issues around. It’s just their habit.
>I just wanted to know if he dies under some circumstances, will I or my mother be liable to pay all the loans or we can be free if he suddenly passes away?
Also, jokes aside, why are you asking this? You are not planning to k*ll him right?
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UYour statement seems to border on something like premonition. No, if one person takes loan with no collateral or hypothecation of family assets, then the heirs are not responsible.
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DNope, they will try to get the cosigner to pay first (you’re not the cosigner since a minor cannot cosign anything), if they are unsuccessful they’ll get a court order to use his estate to recover their money, you’ll not face any problem but your dad’s property might be auctioned off by the bank (provided he did take the loans from a bank and not a local moneylender)
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