UKC

Loan Repayment

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 mypyrex 10 Aug 2015
Grateful if anyone's got any advice re the following. If a loan has not been repaid by the time the lender dies does that loan (or the balance)then form an asset of the deceased's estate that can be pursued by the executors?
 The Lemming 10 Aug 2015
In reply to mypyrex:

I'm guessing that somebody will have to pay the loan off eventually.

But this is just a guess.

Tell me that you are going to blow the money on booze and hookers?

 Trangia 10 Aug 2015
In reply to mypyrex:

Yes
OP mypyrex 10 Aug 2015
In reply to The Lemming:
> I'm guessing that somebody will have to pay the loan off eventually.

What I thought. If the borrower does not pay up in the lifetime of whoever lent the money the the loan does not "die".

In this particular case I am wondering if the debtor, thinking the creditor might soon pop his clogs, thinks that he might "get away with it" and not realise that the executors will continue to seek repayment.
Post edited at 17:45
 The Lemming 10 Aug 2015
In reply to mypyrex:

All I can think of is the film Armageddon where Rockhound takes out a massive loan from the Mafia to spend on sex, drugs and prozzies thinking that the world will end.

 Noelle 10 Aug 2015
In reply to mypyrex:

I think this depends on the size of the loan and what type of loan it is. Usually stuff like credit card debt is paid off from the deceased's estate in order of the size of lender, or might even be written off if it is only a small amount or the estate has no other money. If there is a house involved you'll need a solicitor to wrangle it out for you. Perhaps take some free advice (solicitor/CAB) in any case?
 marsbar 10 Aug 2015
In reply to Noelle:

I think he meant the deceased was owed money, not the other way?
1
OP mypyrex 10 Aug 2015
In reply to marsbar:

> I think he meant the deceased was owed money, not the other way?

Yes
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