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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 26070
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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Hello, I have an unsecured personal loan in my own name for

Resolved Question:

Hello, I have an unsecured personal loan in my own name for £15k over repayable over 5 years. I understand that my widow would not be liable for any balance outstanding in the event of my death if there are insufficient funds in my estate. Our house would pass to her but I have no other assets sufficient to repay the loan. Kindly advise if my assumption is correct.
Thank you for your time.
Gordon McPherson
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

Your assumption is perfectly correct. Unsecured creditors only have a claim against any assets that you own on your death which would include any equity that you own in your house and and other assets such as bank accounts, shares etc you may own.

Joshua :

If there is insufficient monies in your estate to repay the loan then the creditors cannot claim against assets your spouse owns and she is not liable for the debt personally as you say.

Joshua :

Is there anything above I can clarify for you?

Customer:

Thank you, XXXXX XXXXX the position and will allay my wife's concerns.

Joshua :

A pleasure. If I can assist any further please do not hesitate to revert to me

Joshua :

If you have no further questions for now I should be very grateful if you would kindly take a moment to rate my service to you today. Your feedback is important to me. If there is anything else I can help with please reply back to me though

Customer:

Out of curiosity, is the law in England the same as in Scotland in this scenario? The lender's Terms & Conditions stipulate that English law will apply unless the borrower resides in Scotland (or Northern Ireland) which I do in which case Scots law applies.

Joshua :

Scottish law is the same as English in this particular respect.

Joshua :

Is there anything else I can help you with

Customer:

Thank you Joshua for that further reply.

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