Outstanding loan should I remind them?

Fey_2

redpete wrote: »

So a financial professional and a legal professional advise you to pay the loan. Someone you don't know on this forum advises you to ignore it further because of their version of 'common sense'.

At the very least I would send a registered letter to the address you have for the PDL company repeating the information and giving them your contact details.

I have written to them. The financial professional wanted to send a cheque without knowing the full outstanding balance, which I said no to, and we did not receive an answer from the lawyer until two days ago. I posted the query 07/10/2013. Yes, I still want to ignore them, but I am not going to do so.

I came to the forum to seek advice and to see if anyone else had been in the same situation. In turn, I have received good advice and discussion of the situation.

randomnut

Sorry to go slightly off topic what happens for example if someone dies and has more debt than their assets are worth? Once a representative has sold anything of value are they then still responsible for the remaining debt?

[Deleted User]

randomnut wrote: »

Sorry to go slightly off topic what happens for example if someone dies and has more debt than their assets are worth? Once a representative has sold anything of value are they then still responsible for the remaining debt?

No. Once the estate is exhausted, that is it. Unless there was a joint loan, in which case the remaining borrowers still need to continue to pay the debt.

Vikipollard

Just a thought, but I wouldn't be surprised if they've been chasing your friend by email/text as that seems to be the preferred method from the posts on here. This could be despite your fax. Do you have access to either a phone or their email at all?

Be interested to hear what they say when (if) they reply to your letter.

Sorry for the loss of your friend.

Thrugelmir

randomnut wrote: »

Sorry to go slightly off topic what happens for example if someone dies and has more debt than their assets are worth? Once a representative has sold anything of value are they then still responsible for the remaining debt?

In simple terms. The personal representatives or the creditors of the estate have to treat the deceased as being bankrupt. All funeral and administration costs are paid before the remainder is distributed to the creditors.

So creditors would receive pence in the pound proportionate to the debt owed.