We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Car Loan and Bereavement
Hi All,
Please can anyone advise if I am being had here.
Seriously is this correct?
On top of the above, they sold an overpriced car with very high apr.
Any help massively appreciated
Thanks
Tony
Please can anyone advise if I am being had here.
- August 2016: My Mum buys a 63 plate car for approx. £8900 - Apr = 12.9%
- Sadly my Mother dies in in December
(R.I.P. mum x) - Finance company collect the car and tell me they will sell it and bill for the difference
- Today the Finance company tell me bills is £4000+
- I ask why
- They say because my mum died the credit charges still stand
Seriously is this correct?
On top of the above, they sold an overpriced car with very high apr.
Any help massively appreciated
Thanks
Tony
0
Comments
-
Your Mum's estate owes the money.
Does she have any assets left after the funeral was paid for?0 -
Thanks, I know my mums estate owes the money - my point is why is a deceased person liable for the whole of the interest over a period the did not live.
Example- I take out a three year loan and settle it 3 months, interest is calculated only at the three months and a settlement figure is given.
What's happening here is they still want the interest to be paid, even though she's died.0 -
I didn't want to just read and run, I just want to offer my condolences. Christmas must have been tough for you.Savings as of April 2023 Savings account - £26460.50(14474.88)Current account - £2140.24(4576.79)Total - £28600.74(19051.67) £1010 (£65pm CS/BS) £250 CS/BS/JS0
-
PeacefulWaters wrote: »Your Mum's estate owes the money.
Correct.
If there is nothing left in the estate, after the funeral has been paid for, any creditors are just plain out of luck.
Relatives are not liable, for the debts of a deceased person.0 -
Thanks for replies and wishes x
Whether there is money in the estate or not is another question
Again are the finance company trying to pull a fast one by saying my mother is still liable for all of the interest as she died within the terms of the agreement
This seems somehow very very unfair0 -
Would you expect a savings provider to carry on paying interest after death? I would.Thanks for replies and wishes x
Whether there is money in the estate or not is another question
Again are the finance company trying to pull a fast one by saying my mother is still liable for all of the interest as she died within the terms of the agreement
This seems somehow very very unfair
It works the same the other way round. A shame. But reality.0 -
The T&C's of the loan agreement would have all of the information you need. Have you got a copy?I came into this world with nothing and I've got most of it left.0
-
PeacefulWaters wrote: »Would you expect a savings provider to carry on paying interest after death? I would.
It works the same the other way round. A shame. But reality.
Only until the point that the money is removed from the savings account. In the Op's case the loan will be settled early so it is not unreasonable to expect the appropriate reduction in interest.
Either way these arguments are academic. The terms of the contract will dictate the outcome and the OP has already been advised to refer to these.0 -
If you rewind a few months....
How much would the settlement figure of been prior to the finance company collecting the car?
What was the value of the car on the open private market?
How much would it of cost you, or your Mums Estate to continue to pay for the car, including VED, insurance and marketing it until it was sold?
How much would you or your Mum's Estate would of owed at this point, less costs spent on selling?
You need to bare in mind that;
Some private buyers do not like to buy a car that has finance on it,
The finance may of been more than the market value of the car,
You may of had to settle the finance in full with your own money in order to sell it at possibly a loss,
You may not of been in a position to do anything if probate had not been granted.
If the Estate has no money or assets then its all irrelevant anyway.
Good luck and sorry about your Mum0 -
Simply write to the finance company and tell that unfortunately there is no money left in the estate.
Most loan companies know their on to a hiding to nothing and you'll hear nothing back from them again.
This particular loan company is in a far better position than most - they've got a car out of it.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards