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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3493
Experience:  Solicitors 2 years plus PQE
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my sister and her late husband how past recently have on finance

Customer Question

my sister and her late husband how past recently have on finance a static caravan when he found out he had terminal cancer he ask about what happens to the caravan when he passes will my sister be able carry on with it etc and he was told who by I don't know when he passes my sister will still be able keep the caravan but some how the finance that is on it will be paid up in full I have all paper work for the caravan and the finance agreement but cannot understand if he was told the truth or not if this is true how will we find out and what do we do my sister is disabled, deaf, has learning difficulties and is disabled can someone please help me
Submitted: 2 years ago.
Category: Law
Expert:  Alex J. replied 2 years ago.
Hi,

Thank you for your question and welcome.

My name is AJ and I will assist you. I am sorry to hear of this circumstance.

The scenario you are suggesting is perfectly possible. If the finance he has arranged is underpinned by life insurance then it is correct that the finance be repaid on his passing.

Have you contacted the finance company? Or checked the terms and conditions to see if the finance required life insurance as a condition of it?

Kind regards

AJ



Customer: replied 2 years ago.

will this still count if we find there is no life insurance with the finance but we did have life insurance with their bank which my sister has claimed and been paid out for

Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

It will count if there was a life insurance policy that was directed to be used for the finance. It does not necessarily have to be with the finance company.

If the life insurance has been paid out, then presumably it has been used to discharge the finance?

Kind regards

AJ
Customer: replied 2 years ago.

sorry this may sound stupid but I don't understand the finance for caravan was took out through finance company evergreen finance company and the life insurance was with Andrews life insurance and my sister never had to show the people at caravan park who sorted the caravan finance any of either her or brother in laws life insurance so what do u mean by used to discharge the finance


 

Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

No problem.

Can you confirm has the insurance been paid out?

Has the finance company confirmed that they have been paid?

Kind regards

AJ
Customer: replied 2 years ago.

yes Andrews life insurance has paid sister out check in her bank account but evergreen finance has not confirmed they have been paid would it be Andrews life insurance that contact evergreen and sort it because I don't know if they or aware that my sister and brother in law had finance for the caravan with evergreen

Expert:  Alex J. replied 2 years ago.
Hi,

Thank you.

Sorry I think we have got to slightly cross purposes.

If the finance company are completely unaware of the life insurance then some one will have to make arrangements to repay the finance from the estate.

Can we just start from the beginning just to check I have not misunderstood the circumstance here.

Your sister was told that the finance on the caravan had been repaid on her later husbands passing? Is this correct?

Have the finance company confirmed this in writing?

The point I was trying to make was this normally only happens where there is a life insurance policy taken out for the finance in question.

The alternative is the finance would either have to be taken on by your sister, or repaid from other assets in the estate.

I look forward to hearing from you.

Kind regards

AJ
Customer: replied 2 years ago.

yes my brother in law was told when he passed it would be paid in full and my sister can still keep the caravan how can we find out if life insurance was with the finance will it be best to contact evergreen finance to find out

Expert:  Alex J. replied 2 years ago.
Hi

Thank you.

The best thing to do is write to the finance company and ask them to confirm if the finance has been repaid?

Has the company made any demands for repayment?

Kind regards

AJ

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