My wife had taken a personal loan from Axis Bank. She had expired on 19/2/2018 and since then the loan has been defaulting. The agencies appointed for collection of her due (both telephonic and house visit )have been provided with photo copies/whatsapp image of death certificate. However recently I have received 2 set of legal letters( both addressed to Susana), one to appear at Consumer court and the other one from the legal counsels of Axis for complete settlement. My question here is as her husband am I legal bound to clear her due? Also what should be my course of action?
Dear Client,
Husband has no liability towards loan of wife.
No case can be filed against deceased, Poor guy whoever filed case and consumer case files against the comapny and individual.
avoid all notices or at most you should to inform them , she is deceased.
you are not liable to clear your wife debts unless you have inherited any assets from your wife
2) deny your liability to make any payment
3) take plea you have not inherited any assets from your wife on her demise
Does Insurance death claim amount to Asset? also how to take a plea for non inheritance of asset
if you have received any insurance claim proceeds bank can recover dues from you to extent of your inheritance
2)since your wife is dead and summons are in her name you can file that she is dead . enclose her death certificate
Assets is something valuable that an entity owns, benefits from, or has use of, in generating income.
And as per
section 10(10D) of income tax act. which specifies that any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy, is not to be included within the meaning of “income”.
Claim is compensation towards loss of source itself.
If any property belong to her and self acquired -- No peal of non inheritance.
HI
1) A personal loan is an unsecured loan granted by a financial institution and hence banks can proceed to initiate civil suit against legal heirs..
2) The liability to pay an unsecured loan passes on to the family members upon the demise of the borrower.
3) However the liability of the legal heirs to repay the loan availed by the borrower is limited to the extent of properties(movable and immovable) vested on the legal heirs through Inheritance,
4) Insurance death claim are also now classified as an asset and the banks can make a claim on the same towards unpaid loans. However in such an instance, courts will ask the banks to take a hair cut on loan amount so as to ensure atleast 50% of insurance claim is available to legal heirs and balance 50% of insurance amount is towards settlement of loans.
5) You can claim the plea of non inheritance by submitting an affidavit to the effect that your wife did not have any assets (movable or immovable) to the court.
6) Courts in general expect legal heirs to come clean with disclosures on inheritance of assets from deceased family members. If the court is convinced that were indeed no assets whatsoever bequeathed by the deceased, the legal heirs will then be absolved of their liability by the court.
Hope this information is useful.
Any personal loan taken on the personal capacity can not be recovered by the family members. These loans are insured and are non secured.
If you face any problem please file FIR in police.
1. Husband is not liable to repay the debts of his wife unless he stood as a guarantor for her or inherited the property of his wife.
2. Engage a lawyer to appear in Consumer Forum and file your reply to deny all the demands.
3. Insurance death claim is not an asset.
If you have inherited her assets, then you can be held liable to pay her debts.
If you have not acquired any property from her after her death then you may refuse to repay her debts.
Insurance claim amount is also a beneficial amount, hence liable.
Non inheritance has to be proved.