My dad has credit cards from SBI, HDFC, and ICICI banks and we pay debt each month for all cards properly. Suddenly, my dad passed away. What should I do?
My dad has credit cards from SBI, HDFC, and ICICI banks and we pay debt each month for all cards properly. Suddenly, my dad passed away. What should I do?
Share
Here’s a quick guide to handle the credit card debt:
Notify the Banks: Contact SBI, HDFC, and ICICI with a death certificate and ask them to freeze the accounts.
Check Terms: Review the credit card terms to see if the debt falls to the estate or if co-signers are responsible.
Assess the Estate: Look at the assets and debts to manage how the estate can pay off the credit card balances.
Get Legal Help: If needed, consult a probate attorney to help settle the estate.
Prevent Fraud: Secure the deceased’s personal information to avoid identity theft.
Document Everything: Keep records of all communications and actions taken.
Update Credit Bureaus: Notify them to prevent misuse of the deceased’s identity.
If you need more help, consider talking to a financial advisor.