If an earning family member is critically unwell, take immediate stock of credit commitments to safeguard your family.
If misfortune hits or your loved one is rendered critically unwell, the last thing on your mind usually is managing the finances. But to safeguard yourself and your family in the long run, it is important to manage the loan obligations of the person as these are the times when things could get out of control.
If an earning individual with loan obligations is critically unwell, it is important for the family to take stock of his/her credit commitments immediately. It is recommended that a family member immediately activate the power of attorney on behalf of the sick member and obtain his/her Credit Information Report (CIR) from a Credit Information Company (CIC) to fully understand the extent of his outstanding liabilities.
The report will provide information on active loans, credit card commitments and defaults on payments (if any). The person should immediately notify the banks about the situation and agree on mutually accepted repayments. A bank should be kept informed about such situations and is always usually willing to extend a helping hand to a person in need.
