Interest on bills during probate??

dockterphil

During a terrible time of a family member passing almost every company we have had to deal with has been fantastic, but there is one Equifinance who have just told us we owe an additional £4500.00 of interest even though they have known the estate was in probate. Is this allowed, they did not notify us that there was ongoing charges of interest when everything was frozen. They did not chase payments at all during the past 10 months, but now we have come to settle they have increased the amount owing!

Is this allowed?

Savvy_Sue

Is this for an equity release scheme? If yes, I suspect they can do this, and would have expected you to be familiar with the terms.

Whether this is reasonable on their part, I couldn't say.

Keep_pedalling

This company specialises in second charge mortgages. Mortgage companies do (and can) charge interest during the probate process, what they will do is suspend all payments during the probate period and unless that take an unusually long time won’t chase the executors while it is going on.

msb1234

I am executor for my mum’s estate. She had equity release. I was notified in the same phone call when I notified them of her death that interest wou;d continue to accrue until such time as the loan was repaid.