can we wipe off this debt

gmaria

my late mother took out a loan for 240 months with a big name bank, while she was ill, she didnt have loan insurance, and was 60, we are expected to pay this OFF when the house is sold, we dont have a copy of the agreement,
whats the first steps we should take, do you think we have a chance of clearing this

ILW

The loan will form part of her estate, why do you think it should not be paid off?

gmaria

long story, in a nutshell mum borrowed the money because her greedy husband told her it would be wiped off when she died,[she had terminal cancer] she believed him and when she died three months later and he spent the money, because its in her name, he was completley free of debt, however he has now died,and the debt has come to us.
but back to the question, i really cant understand why they would give a retired woman with only her pension, a 240 month loan without having protection,or asking for a medical letter, the bank are adding the interest on each month until her house is sold which by the time we do it we will probably owe them.

ILW

gmaria wrote: »

long story, in a nutshell mum borrowed the money because her greedy husband told her it would be wiped off when she died,[she had terminal cancer] she believed him and when she died three months later and he spent the money, because its in her name, he was completley free of debt, however he has now died,and the debt has come to us.
but back to the question, i really cant understand why they would give a retired woman with only her pension, a 240 month loan without having protection,or asking for a medical letter, the bank are adding the interest on each month until her house is sold which by the time we do it we will probably owe them.

It will not get to the point where "you will owe them". They cannot take more than the value of the estate. Any shortfall will be written off.

McKneff

ILW wrote: »

The loan will form part of her estate, why do you think it should not be paid off?

The debt has not come to you, it is still your mothers debt but also

i know it depends on whether there was a will or not, but wouldnt the estate of mum gone straight to dad, who should have then paid the debt out of her estate at that time. Anything left would have been dads to spend it as he wished as it would be his.
In which case youre no worse off (i think)

I am quite happy to be corrected.

dmg24

McKneff wrote: »

The debt has not come to you, it is still your mothers debt but also

i know it depends on whether there was a will or not, but wouldnt the estate of mum gone straight to dad, who should have then paid the debt out of her estate at that time. Anything left would have been dads to spend it as he wished as it would be his.
In which case youre no worse off (i think)

I am quite happy to be corrected.

It would depend on whether there was a will. If the lady was already unwell, I would expect that there was a will in place.

Agree with ILW, the debt has not passed to the children, the debt is part of the estate.