Blackhorse Loan Agreement

hollyscott14

i recently lost my dad to cancer, which is a very sad time for anyone. This was unexpected as well.

My mum took out a loan with black horse in 2006 which both my mother and father signed.

Now the mortgage has been paid off on the house, and the loan is secured on the house.

i cant find any information or details with regards to if someone falls ill or worse case dies.

just i heard from a friend that half of the loan might be non applicable now and just basically my mums side left to pay.

But im unsure and i would think it would be highly unlikley.

The only other problem is when my mum took the loan she was a working person. Now? Shes is medically retired and has no job. Classed as disabled.

Is there anything that can be done to help her with this loan, or anything else?

Thanks for your help in advance.

Holly
:A

Emmzi

My condolences.

No, she will be liable for the whole amount. Is she able to make the repayments and how much is left to pay? Can you help at all?

Did they have payment protection insurance?

oldhand

Im no expert but I do know when both people sign an agreement its because they both accept responsibility and as such both are responsible until loan is paid off and if one should die Id think the other is still responsible as both benefited from loan,sorry for your loss by the way.

Firefox1975

Ask Blackhorse for a copy of the loan agreement.

There may be something in there about settlement after death.


or if you have a copy themn just read through it and see what it says

david39

The agreement will include the terms "jointly & severally" when referring to the liability of making the repayments. Meaning that each of the borrowers will be equally liable to the full debt if one of them defaults or, unfortunately in this case, one of them is deceased. If Black Horse are unable to recover the outstanding amount from one of them, they can claim all of it from the other.

It's the same with joint mortgages.