Hello my name is ***** ***** I will help you with this.
No - not unless they guarantee the loan or are named as a joint loan
But no, when you die the loan and any amount due becomes a debt of your estate
Your relatives are not personally liable
Can I clarify anything for you about this today please?
So if my mum had a loan unsecured and not guaranteed but mum and dad own their home does it mean the bank could get the money from dad
Your dad wont owe the debt. But the estate would.
So if there was money in the bank account etc, that would need to be used to pay the loan
The debt would have to be discharged from the estate
Basically my mum died recently and had a bank loan dad didn't know about and is worried that thay can take money from him to repay it.
They wont take it from him personally no - but the estate may have to pay it
If the debt is more than the bank balance?
If there isn’t enough money to pay everyone, the personal representative should take advice from a probate specialist on which debts should take priority, and they should inform the creditors that the estate is insolvent.
The bank may therefore write off the debt
Ok. Thankyou. Only one debt but probably more than in her bank. So I continue to woory.
Ok - can I clarify anything else?
No thats grat thanks
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