what happens when you die

lizzydrippin

Could some one tell me what happens with a joint loan if one partner dies would you need to take out insurance to write it off also what happens to an overdraft? thankyou

talana

lizzydrippin wrote: »

Could some one tell me what happens with a joint loan if one partner dies would you need to take out insurance to write it off also what happens to an overdraft? thankyou

The key word is that example is the one in bold. In a joint loan both partners are equally liable, hence if one partner dies the onus falls on the second partner to take on the debt.
It certainly won't be written off.

lizzydrippin

is it possible to insure the loan against the death of one partner or is it better just to get life insurance?

paddyrg

It is possible to insure anything, but I would just go for a simple life assurance policy as it will have some residual use as the loan is getting paid off/over

triticale

lizzy, i've just read some of your other posts, I would suggest you talk to somebody before doing anything regretful.

paddyrg

Lizziedripping, this is very important, so please hear me in the spirit in which this is intended.

No insurance policy would cover you based on your other posts here. All that would happen would be that you would 1) pay for a policy you could never use 2) leave your husband/family doubly screwed as they would not just lose you, and keep the debt, but also have funeral costs to pay right when they are at their lowest and 3) you would leave the world poorer for a friend we could not help. Please above all else disregard this as an option, it is probably the very worst one available to you.

It sounds like you have a crushing debt and no job. It's really tough, especially after a job you loed, but you are not the first or last person to be in this position. You can get out. But to do so, you need to get talking to two sets of people...

1) firstly your doctor to get you over this period of shock and grief
2) a debt advisor - try the CAB for free debt advice. One option they may suggest will involve ways to get those debts manageable again, which whilst it will affect you seeking further credit, well that's the whole point...get you back stable again. Some famous names you know have been/are legally bankrupt, and are working through bouncing back. Not easy, but others do it, so can you. Especially with the help of the Debt Free Wannabe board, they're all in similar positions and will give you all the encouragement you need. But please see those two sets of people first.

vodkawitch1

Lizziedripping I hope you are ok Paddyrg has given you really good advise so please let people help.

lizzydrippin

Hi Paddyrig, I thought posts on this web sight are anonymous is this not the case, thanks

Atom

lizzydrippin wrote: »

Hi Paddyrig, I thought posts on this web sight are anonymous is this not the case, thanks

They are not anonymous lizzy everyone can read them but would be kind of hard to tell who you are anyways if that is not your real name.

Hope you take the advice above btw - good luck and keep the head up.

catfish50

lizzydrippin wrote: »

Hi Paddyrig, I thought posts on this web sight are anonymous is this not the case, thanks

Posts are anonymous. You don't have to worry about that.

paddyrg

lizzydrippin wrote: »

Hi Paddyrig, I thought posts on this web sight are anonymous is this not the case, thanks

Hi Lizziedripping, don't worry, nobody knows who you are hon, you could be my neighbour or live in Scotland or Kent or anywhere. All I saw was some other posts with the same account name on other bits of MSE forums and put 2 and 2 together. But nobody knows who you are, and they have no way to find out. And you won't be judged either, especially on the Debt Free Wannabe board where everyone is trying to straighten out unfortunate financial positions. These things happen. The main thing is that there are legal ways of getting everything straight, and they will leave you stronger to fight another day, to fight more important battles.

There are answers and there is help and support. You can get it here anonymously of course, from just a bunch of other people trying to get by, or if things are more serious, you can seek a little expert support too, which I urrge you to do just to get you back on an even keel. Nobody wants you to be hurting so badly hon, you're clearly smart and brave to even be thinking of how to tackle the problem, it's just there are much better ways for you and your family. And an expert can help you with that, even help with the paperwork. It will use all that courage you clearly have, but look at it this way - things can only get better, so it has to be worth a try, eh?

Keep strong x