Need advise please - Loan owner passed away

eric_clapp

A relative has passed away recently.

They had two personal loans with money still owing.

How does the law stand on this. They might have assets to sell, like a car which could go towards paying them off but do we need to do that.

There was no payment protection insurace involved.

Thanks alot.

jonesMUFCforever

Did he leave a will - if yes the Executors will sort it out,
if no next of kin can deal with estate. In simple terms they need to add up all assets belonging to decd, take away funeral costs then whatever is left over is distributed.
If there is enough to pay the banks good, if not they have no option but to write the loans off.