Sep 10 2012, 07:08 PM
QUOTE(max_cavalera @ Sep 10 2012, 02:11 AM)
for credit card if im not mistaken if your father die....amount should be written off....because you or your family member nvr written any form of guarantor....banks cant do anything to u to....but prolly they will try to chase u or family member a bit for payment.but on legal ground they really have no rights to do so....
Written off doesn't meant the bank will forgive the debt. It is just an accounting treatment to recognize the loss in their books.However, like someone mentioned previously; the bank does have the right to go after the assets of the deceased to recover the debt. But I remember there is a statutory limitation on time where they can collect from the assets and there are procedures to follow.
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