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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11564
Experience:  30 years as a practising solicitor.
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Good afternoon, my father died 20.7.2015 (aged 84) I reside

Customer Question

Good afternoon, my father died 20.7.2015 (aged 84) I reside in Australia but currently in UK to assist my Mother with affairs. I have just found out my Father took out a £10,000 loan with his building society in his name only. My question is: Is my Mother responsible for the repayment of the loan. The loan was not in both names...just my Father's. Regards ***** *****

Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question. I am a lawyer in Scotland and will help you with this.
The loan is repayable from your late father's assets, if any, not from your mother. However, any joint assets are deemed to be owned equally so if your parents had joint assets, the loan would have to be paid from your father's share.
However the answer to your question is that your mother is not personally responsible for your father's debts.
Happy to discuss further.
Please leave a positive response so that I am credited for my time.
JGM and 3 other Law Specialists are ready to help you
Customer: replied 2 years ago.
Thank you for your response. Does this mean that any money that was In a joint account that is now in my mothers name only would be seen as an asset and the loan paid from this account?
Regards
Expert:  JGM replied 2 years ago.
Yes, that is correct, UNLESS, it is your mothers position that she contribute all the funds to the account in the first place, and was the owner of the funds.
Customer: replied 2 years ago.
Thanks for your response. This is not the case.
I do have another question:
Background
My Father had never taken a loan out in prior to this.
Question :
Is there a duty of care within the financial industry relating to approving loans to an 84 year old man?
Expert:  JGM replied 2 years ago.
Yes there is and the executors may want to examine the position and ask the financial ombudsman to look at this as well.
Customer: replied 2 years ago.
Many thanks for your assistance with my enquiry.
Kind regards
Expert:  JGM replied 2 years ago.
You're welcome.