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SFor context- My father died last month all of a sudden. He took on an unsecured loan from bajaj finserv under their professional flexi loan category in nov 2024 for business purposes. He used to say that we don’t need to pay anything in case anything happens to him because of insurance cover that takes care of loan. However after using sources we found out no such cover exists and 15 Lakhs is a very big amount for us. The interest payable is around 17k a month on same, which we as a family can’t afford. These are harassing us to the extent of visiting our home too.
For rbl, there were 2-3 emis’ of 16-17k each left to paid for his treatments. While payment for the one has been made after death, the other one is due tomorrow. I tried contacting their customer care and haven’t got any information as such.We are 3 people left now (including me) and none of us are working at the moment. I also need to get my education loan sanctioned in a month’s time for my masters and I don’t know what to do.
Kindly suggest me how do I take care of above mentioned issues so that I don’t encounter difficulties in future, especially at the time of loan sanctioning.
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PCheck sanction letter if you won’t find any insurance details, you can contact the nodal officer of bajaj and banks, draft a letter about your father’s sudden death and attach death certificate and ask for insurance details if they said loan have no insurance coverage then again write a mail and ask for settlement the will give you settlement which will be around 30% of actual loan amount and also ask them to stop harassment and home visit, you can also hire an advocate to do so and if you want I can also help because I work in a company which provides settlement and help people with constant harassment and home visits
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KNAL from the posts like these I have read I don’t think you or your family are liable to pay for any loan taken by your father if it was a loan under his name only.
Secondly how will you and your family survive now if there is no earning member? Also more power to you OP I hope you cover this difficult road. -
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K1) Don’t contact any Settlement Guru’s
2) For Godsake don’t share your number with Debt collectors
3) If debt visit your doorstep show them the death certificate of your father and make a video recording of the conversation.
4) Please don’t entertain any Settlement Guru’s.-
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KYes they forward an email on behalf of you to negotiate the settlement for unsecured loans. But it only works if you are dick to the banks and they make you look like a dick by not answering the phone, reverse harras the contract debt collector.
After 6+ months of constant harassment from contract debt collectors bank comes to your door step for settlement anyway but Settlement Guru takes the credit and charges you 50-100% commission of settlement amount.
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SNAL
my friend was recently in a similar situation was harassed by NBFC for unpaid loan that his father had taken, fortunately, his father did not have any assets in his name, engaged a lawyer and got the loan closed. If your father has any assets, and if you inherit them, you are liable to pay off any debt. I suggest you to reach out a lawyer and get the issue sorted out.-
CI think no need for a lawyer. It’s simple, if the deceased had assets that got passed down then it needs to be paid from them. If no assets then tell the agents to piss off or you’ll file an RBI ombudsman complaint. If they still persist then file an RBI ombudsman complaint and you can even ask for compensation for mental anguish. Regardless of the circumstances, nobody can harass you for anything by law.
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HA loan is a personal obligation, and the liability to repay it does not automatically transfer to the legal heirs upon the borrower’s death. If a family member is not a co-borrower or guarantor, they are not personally liable for the loan. However, the Finance Company can initiate recovery proceedings against the estate of the deceased borrower to recover the outstanding amount.
If you inherit the estate, you may be required to defend such proceedings. While you will not be personally liable, any inherited assets may be at risk, as the repayment liability can be met from the inherited estate.
Also, since this is an unsecured loan, the NBFC cannot take possession of any property without first obtaining a court decree, which may be a lengthy process.
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CSad condolences OP. Nov was when my father passed away too.
Came across the same situation. Been through the same road as you’re.These are the things that happened.
Dad took a loan for his business in Feb from the same Bajaj Finserv. Unstructured loan. Check if the loan has insurance on it. If yes, it can be used to close the loan with whatever it’s been. For my dad, bloody bajaj had some insurance for accident cover only, which made the insurance pointless. What made me fuming is that, the sum insured was very small for the loan amount taken.
Had 2 credit cards as well. All my friends and close acquaintances informed me to not respond to the collection guys and the bank as well.
Finally upon consulting a lawyer, We gave them the death certificate and they didn’t bother us. Though they did pay a visit to the house a number of times (We were clueless at that point as the credit card dues were too high for us to pay and didn’t have a legal support). After the advice given by my lawyer, we gave the death certificate with confidence and didn’t budge to their demand of payment for the min. Amount dues.For the business loan, the loan was taken in the name of my dad’s company( a proprietorship company). Not on my dad’s name. And because of the death obligations we had to go back to my native and meanwhile, the company’s bank account was continuing to get some transactions from the customers.
And the due date for the emi crossed (auto debit was turned on) and money got debited to the loan. Because of this, even the lawyer suggested that we pay some amount as the first month emi post my dad’s death had gone through to Bajaj and get the NOC. Fast forward 1 month, Ended up paying 1/6th of the loan amount in the presence of court and got the NOC. Took 2 months to get the NOC from them.
Mind you, for heaven’s sake, pay the amount to bajaj in the presence of court and not at their offices! These guys cunning than a wolf and sickest of the sick. First you pay some and they would demand you pay the remaining after a couple of months saying that the upper management didn’t give approval for the outstanding amount. This was informed to us by a person who had gone through the same situation where he paid 1/3 and yet they demanded the remaining. Even in my first sitting with my lawyer, he said the same.
Remember block the company’s bank account as the first priority if it’s a proprietorship company!! It saves so much of mental trouble.
Fast forward 5 months, credit card companies have not given me the NOC yet. They claim only if you’ve paid the entire outstanding they can give me noc. But they haven’t bothered me yet, but did confirm that my dad’s credit cards are marked as closed in the system. Just for precaution I mentioned this to my Lawyer. He said he’ll help us if they ever get back to us for collection or dues.
Hope this helps.. don’t worry OP. These are all unsecured loans, you have no obligation to pay them.
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AOne of my close relative expired in the similar scenario with multiple loans and credit cards.
We haven’t paid a single rupee to them and shared the related documents whenever they asked. Use your father’s number and do not share ur number with any of them.
Loan and cc are personal without any collateral unless you made a signature while taking a loan, u or ur family is not responsible.
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ILawyer here. As the legal heir, you are liable to settle the outstanding dues of the deceased, but only to the extent of the property you have inherited. If you inherited assets worth more than ₹15 lakhs from your father, you are required to repay the full loan amount. However, if the inherited value is less, your liability is limited to that amount alone.
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ILawyer here. As the legal heir, you are liable to settle the outstanding dues of the deceased, but only up to the value of the property you’ve inherited. If you’ve inherited more than ₹15 lakhs from your father, you’ll be responsible for repaying the entire loan. If the inherited amount is less, your liability is limited to that amount. The most practical option would be to negotiate a settlement with the company for example, offer to settle the loan for ₹5 lakhs. While this may affect your future loan eligibility, it’s a manageable consequence under the circumstances
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ILawyer here. As the legal heir, you are liable to settle the outstanding dues of the deceased, but only up to the value of the property you’ve inherited. If you’ve inherited more than ₹15 lakhs from your father, you’ll be responsible for repaying the entire loan. If the inherited amount is less, your liability is limited to that amount. The most practical option would be to negotiate a settlement with the company, for example, offer to settle the loan for ₹5 lakhs. While this may affect your future loan eligibility, it’s a manageable consequence under the circumstances
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ILawyer here. As the legal heir, you are liable to settle the outstanding dues of the deceased, but only up to the value of the property you’ve inherited. If you’ve inherited more than ₹15 lakhs from your father, you’ll be responsible for repaying the entire loan. If the inherited amount is less, your liability is limited to that amount. The most practical option would be to negotiate a settlement with the company, for example, offer to settle the loan for ₹5 lakhs. While this may affect your future loan eligibility, it’s a manageable consequence under the circumstances
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MLegally you are not bound to pay a single penn for an unsecured loan. Believe me, it happens to me also.. They will keep calling you but you don’t need to pay anything. If they are harassing you Daily, hire a professional lawyer. I know you are about to study but you need to grow up now. Be tough and face the world boldly. No option left..
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