My credit card loan gone NPA.
2 years ago
My credit card loan gone NPA.
My services were terminated on unjust grounds and I have filed a legal case against them in labour court.I am a bachelor.
I want to know whether loan repayment liability will fall on my father/parents.
A.Unless your parents/ father/ family stood as guarantor, there is no eventuality to fasten them with any such obligation, under the law. And assuming you narrated the complete transaction, I also do not see any undertaking or assignment of loan took place either. Hence, obligation on your family does not arise. However, the liability will remain vis-a- vis your 'personal assets', unless you have proceeded for Bankruptcy. Finally, please be informed that your institution of a legal case in labour court does not save you or your assets from your credit card loan liability. That Liability will remain irrespective of the outcome in labour court.
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Ayantika Mondal @ Prime Legal
Responded 2 years ago
A.Dear Sir/ Madam,
Since your father or parents do not play any role of any guarantor or surety in this transaction they will not be held liable for loan payment.
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Since your father or parents do not play any role of any guarantor or surety in this transaction they will not be held liable for loan payment.
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A.Dear Sir/ Madam,
To answer your question you need not worry since your loan payment liability will not fall on your father or parents since they are in no way your guarantors/ surety.
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To answer your question you need not worry since your loan payment liability will not fall on your father or parents since they are in no way your guarantors/ surety.
If you find this useful please rate me.
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A.Dear Sir,
It being a personal loan and your father or mother not liable to discharge your loan. However, be careful that they should not maintain any account in the said Branch and not to have any balance in their accounts.
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It being a personal loan and your father or mother not liable to discharge your loan. However, be careful that they should not maintain any account in the said Branch and not to have any balance in their accounts.
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A.No your loan repayment liability will not fall on your father or parents as you have taken loan and they are not guarantor anywhere. I hope none of the loans are secured loans as well wherein you would ahve given any security so, nothing to worry about.
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