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Are Bounce Back Loans repayable on death ?
My late husband took out a BBL with NatWest for his sole trading business. We had started to pay it back when last October he was diagnosed with terminal Brain Cancer. From that day on he was unable to work and so the business closed. My question is - as it’s an unsecured loan , is it repayable on death ? TIA
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Comments
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Sorry to hear of your loss.
If he was a sole trader the I believe the business debt will be a liability on the estate.
i found some useful information on
https://businessdebtline.org/fact-sheet-library/debts-after-death-ew/0 -
Short answer - yes. Longer answer, yes in so much as they form part of the deceased estate and have to be settled from whatever assets that estate may have. I do not mean to be disrespectful but an individual cannot make loan repayments after their demise. Their estate has to be settled.2
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If it’s a ltd company may be a different answer but working on sole trader.0
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