Unable to pay the credit card loan due to unexpected loss of personnel.
1 year ago
I had borrowed money through ICIC Credit Card loan without any documentation as my cibil score was good since 7 yrs, as Amount of Rs. 14 Lakh by 2 instalment. First 7 lakh and then the other 7 lakh so totally 14 Lakh, I gave this money to one of my relative for his business. With the proof of Agreement for that 14 Lakh. It's been 6 months everything went well by the interest money which he was giving for that 14lac. I was paying to bank directly. Now as a sudden, The person has passed away. Now I am suppose to pay the loan amount. Is there any option to ask time from bank, Also i do not have any source to give such big amount even through EMI. I'm totally out of mind. How do i convey this to bank and get reduced the principal or any solutions that i can opt for. The deceased person has his own house of Rs.40 Lakh and few of the lands as well. I gave him the money with the hope of because of this collateral and assets. Any chance that i can get money from these assets by selling it. As i had proof of agreement with cheque leaf. Please whoever read this, Help me by giving any suggestions.
It is advisable to contact the particular bank from where the money has been borrowed. Try reaching out and conveying the problem. You can look at the resale of the deceased's property in order to pay for the loans.