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Loans if you die?

lloydcov
lloydcov Posts: 9 Forumite
in Loans
Hi, if I die are unsecured loans the I have outstanding payable by my estate? If so, What if there is not enough in the estate? Will my wife have to pay it back? They're in my name only.

Comments

  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,942 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    If you die owing money, it can be claimed out of your estate. If there isn't enough money after the funeral has been paid for, then the one owed the money loses out. I think Revenue and Customs has first call on anything left after the funeral.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    HMRC do not have preferential status anymore.
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,942 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    jonesMUFCforever wrote: »
    HMRC do not have preferential status anymore.

    Thanks for that! When did that happen?
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    A number of years ago, sorry can't give you exact date.
    The first call on any estate will be the funeral bill.
  • 27col
    27col Posts: 6,554 Forumite
    It's a bit of a drastic way of getting out of debt though.
    I can afford anything that I want.
    Just so long as I don't want much.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    27col wrote: »
    It's a bit of a drastic way of getting out of debt though.

    He's maybe thinking of doing a Reggie Perrin:D
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • kuohu
    kuohu Posts: 913 Forumite
    Part of the Furniture
    McKneff wrote: »
    He's maybe thinking of doing a Reggie Perrin:D

    Would he then have mis-died?
    DFW Nerd 035
  • oldhand
    oldhand Posts: 3,749 Forumite
    Part of the Furniture
    poppasmurf_bewdley wrote: »
    If you die owing money, it can be claimed out of your estate. If there isn't enough money after the funeral has been paid for, then the one owed the money loses out. I think Revenue and Customs has first call on anything left after the funeral.

    Not if wonga beat them to it...............;)
  • Toe-Jam
    Toe-Jam Posts: 1,554 Forumite
    oldhand wrote: »
    Not if wonga beat them to it...............;)

    Wonga would dig you up and take your gold tooth if they thought it was worth something.
  • Norfolk_Jim
    Norfolk_Jim Posts: 1,301 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Maybe the OP is like me and waiting on a diagnosis for something terminal. I know I've been worried about my family and how MY debts could affect them still after I'm gone
This discussion has been closed.
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