Nieve & Owing .... Advice needed!

NarcoticBarbie

I just wondered - if you do not own your house, or have nothing of any real value, no savings etc... what happens to your debt when you pass away? Is it automatically passed on to your NOK, or (unlikely) written off? Is it dependant on the size of the debt?

If anyone has any info it would be much appreciated. I apologise for my nievity on the subject.

pania

Barbie.

This question concerns me hon and it is not one that i feel i or anyone else should give you an answer to as we do not know your reasons for asking.

I am hoping that I am completely wrong with this but if your debtsare makign you feel suicidal then please please post more here, call the samaritans or speak to your doctor asap.

PM me if you need to talk. there is ALWAYS a way through this situtation

moo2moo

Barbie you're 22, have a wonderful partner, a job you like, your own place and a very small debt of £2100. You have everything to live for!

Having read your posts finding out that you are slowly becoming deaf must have come as a bit of a shock but from your progniosis you have 40 years to learn to lip read or sign or both. Book yourself on your olocal courses with your partner and start learning now, you'll find its a lot easier than you expect, there are some great kids tv programmes on BBC which teach basic sign. Mr Tumble being one of my personal favourites as hes very easy to follow and you'll learn signs which you can actually use.

Don't sit in silence and brood about things post on here, pm me, drop into see a friend or your parents. Don't sit at home alone and depressed life is short enough as it is. We're all here for you. Make use of us!

Perhaps with a SOA we can help you see light at the end of the tunnel. As a NHS employee perhaps you could ask to be put on the list of bank staff and work 1 days overtime a month. That alone would see your debt gone in 3 years. If your partner is prepared to do the same then it would be gone in 18 months. It really isn't that big a debt (although I'm sure it feels huge to you) and it is something you can reduce!

((((Hugs)))) and keep posting!

TotallyBrassic

Big hugs to you girl...
with support from your forum friends you can sort this out. I truly hope you don't feel suicidal...but lots of organisations that can help you if you do. I don't know your circumstances but just wanted to offer a shoulder to cry on if you need it,
Best wishes to you
xxxx

NarcoticBarbie

Hi all..

Thanks so much for your support. I know there are people in far worse situations than me, & my debts are not a huge sum - although it is still money I owe & I dont have nevertheless!

I just struggle to find any one cooperative in helping me get my debts sorted.
I find great difficulty in having to liase by email & post consistantly (because of my deafness) which obviously takes longer than a direct conversation over the phone. No one can speak on my behalf due to confidentiality - even with my permission.

Any of the debt collection agencys are less than understanding and treat you like a naughty school girl rather than assiting you with ways to pay your IOUs.

I am not on the brink of sucicide (..at least not yet anyway!), I just wondered in general what happens when you pass over - as we come into the world without money...& we sure are leaving without it. Is it worth stressing about? I just pay what I can at the mo... my main concern is that my stupidity will have an effect on those around me who are sensible with money & are penalised for my stupidity.

Thanks guys for all your kind words. It brings great releif to know Im not in this boat on my own. You lot rock xx

blondescorpio

Hi NarcoticBarbie, I'm a bit similar to you - 23, house, partner bit more debt and a baby and I'm going blind - already blind in right and and left eye will eventually go bye bye (but at the moment not blind enough yet to be classed as partially sighted! - another story!)

So I do feel for you. But in answer to your question - when you die your debts DO NOT die with you!

What you owe when you die has to be paid before anything can go to your loved ones or beneficiary.

If you owe more than your assets are worth, they'll get nothing, but won't be asked to pay the rest of the debt UNLESS they are jointly responsible for the debts, they'll have to make up the shortfall.

So if you have a property worth £85,000, a mortgage of say £75,000 and debts of £20,000. The property would be sold and the mortgage & £10,000 of the debts also settled and so the beneficiary gets £0.

BUT if you & say your husband own the property, jointly have a mortgage and jointly have a loan of say £20,000, he may get property but also the debts but he won't have to sell up to clear these unless things get complicated.

Life Assurance will of course cover your debts if you have included them in your sum assured.

tigtig

NarcoticBarbie wrote: »

I am not on the brink of sucicide (..at least not yet anyway!), I just wondered in general what happens when you pass over - as we come into the world without money...& we sure are leaving without it. Is it worth stressing about? I just pay what I can at the mo... my main concern is that my stupidity will have an effect on those around me who are sensible with money & are penalised for my stupidity.

I love the saying "if you leave this world in debt then you've made a profit!!!"