Loans and Death

National_Debtline

Hi OP


We have a fact sheet which addresses many of the common questions asked about debts owed after someone's death:


https://www.nationaldebtline.org/EW/factsheets/Pages/21%20EW%20Dealing%20with%20debts%20when%20someone%20dies/Default.aspx


Dennis
@natdebtline

poppasmurf_bewdley

JReacher1 wrote: »

I've always wondered about death in service payments from work. If I die my company will pay death in service of five times my annual salary to a named person.

If I have a mortgage will the outstanding amount owed be taken out of this death in service payment?

I have a life insurance policy, and on my death it is payable to my daughter.

She could use it to settle any of my debts, or she could go on a round the world cruise. It is entirely up to her (but I know which one I would choose;)).

[Deleted User]

pinkdalek wrote: »

Finance eg caravan/car, the lender can request to take back the asset or ask for someone to take on the debt.

I think you mean Hire Purchase.

Finance is a loan, which is used to purchase the item, which then becomes the property of the person who borrowed the money.

pinkdalek

Gaz83 wrote: »

Probably best to ignore this utter drivel, OP.

It dies with the debtor.
They cannot force someone else to pay someone's debt.

Don't talk down to me.

PeacefulWaters

pinkdalek wrote: »

It dies with the debtor.
They cannot force someone else to pay someone's debt.

Don't talk down to me.

The deceased person has an estate. It might be made up of a couple of packets of cigarettes, a country mansion or anything in between.

That estate is liable for funeral costs and repayment of debts of the deceased.

The debt does not die with the debtor. It dies if the assets of the deceased's estate don't stretch far enough.

You are factually incorrect. Sorry. The link in post #12 is worth a read to enhance your knowledge.
https://www.nationaldebtline.org/EW/factsheets/Pages/21%20EW%20Dealing%20with%20debts%20when%20someone%20dies/Default.aspx

pinkdalek

PeacefulWaters wrote: »

The deceased person has an estate. It might be made up of a couple of packets of cigarettes, a country mansion or anything in between.

That estate is liable for funeral costs and repayment of debts of the deceased.

The debt does not die with the debtor. It dies if the assets of the deceased's estate don't stretch far enough.

You are factually incorrect. Sorry. The link in post #12 is worth a read to enhance your knowledge.
https://www.nationaldebtline.org/EW/factsheets/Pages/21%20EW%20Dealing%20with%20debts%20when%20someone%20dies/Default.aspx

Don't be patronising it will get you nothing in life.

Alice_Walker

pinkdalek wrote: »

Don't be patronising it will get you nothing in life.

It's not patronising to correct someone when they're talking rubbish. It's not helpful to the OP, or anyone else reading this thread, at a time when the last thing they need is bad advice.

bengal-stripe

pinkdalek wrote: »

It dies with the debtor.
They cannot force someone else to pay someone's debt.

Only if there are no monies ("an estate") left.

Otherwise the estate pays for the funeral first, then the debts. Whatever is left gets distributed in accordance with the will to the beneficiaries.

andyfromotley

pinkdalek wrote: »

It dies with the debtor.
They cannot force someone else to pay someone's debt.

Don't talk down to me.

Honestly dude, you really need to stop commenting on topics that you are clueless about.

You are not getting talked down to you are being corrected for being WRONG on a really important financial issue.

PeacefulWaters

pinkdalek wrote: »

Don't be patronising it will get you nothing in life.

Seriously?

Learn how to back down with grace when you're wrong.