Debt of deceased

robson127

Hi

Im hoping for some advice. My father in law has recently died and left behind some credit card debt.
The credit card company has since sold the debt onto another company who are sending letters requesting the debt to be paid in full or to call them to come to an arrangement.
He was single and lived in a rented property but was third owner in a business. No business loans or debts outstanding.
His share in the business is forms the only part of his estate and no agreement has been made with the other partner. As we do not know how long this will take, will the debts need to be repaid?

Thanks

Robson

DUTR

Sounds like yes from the 3rd share of the business, but I'm no lawyer, seek professional guidance.

Crabapple

It's going to come down to how the business was set up and the agreement between the parties (eg. is it a ltd company, partnership). You really do need to take some specific advice on that point.

Meanwhile tell the company chasing that you are trying to find out if there are any assets of the estate to repay the credit cards and you'll let them know. Won't stop them chasing but no-one is responsible for paying them if there proves to be no money in the estate.