0
The estate of the person who dies is responsible for paying off the debt.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What if a person dies before paying off a school loan?
The estate pays the debt
Pay a personal loan off with a credit card?
All you can know about personal loan from this site. http://personal-loan-info.freehostia.com/ It will help you a lot as it helped me.
What happens if you take a personal loan out from a family member and they pay the loan off through the banking institution are you still responsible to pay off loan?
The question doesn't make sense. If your family member gave you a loan, what "banking institution" was involved? Why did the person you took a loan out from have to pay off anything?If you took out a loan, yes you're responsible for paying it back.
If your only surviving parent dies and has an active loan on the home what can you do?
The estate will have two specific choices: Pay off the loan with the money in the estate. Sell the house and pay off the loan.
How does it affect your credit if you pay a personal loan off early?
It doesn't hurt your credit to pay off a loan early.
If someone dies while they still owe student loans can the government take the money from life insurance policy?
In most cases student loans include a clause that cover the event of the person's death, usually by having the loan written off completely. You should doublecheck the loan agreement for what happens if the person dies, just in case it unfortunately does occur.
How do co-signers on car loans get off the loans when the other signer dies?
The only way you will get off the loan is to pay it off. If the other owner died, then you are now solely responsible for the loan.
Is the loan for a vehicle paid off when the owner dies?
Not under the standard auto insurance policy.
If person dies can you settle car loan debt for a less amount after owner dies?
That is a decision made by the lender. It might be possible depending upon the circumstances. For example, the offer made to pay off the vehicle loan is a larger amount than the lender would receive by making a claim against the estate of the deceased.
If someone dies and has a car on finance does it belong to the estate of the deceased if there was no insurance on the loan?
If the loan is not paid off at the time of the death, the vehicle belongs to the lienholder until the vehicle is paid off.
What happens to a loan if the holder dies and there is no insurance or estate?
If there are no assets in the estate the lender is out of luck as to having the loan paid off, however, it can repossess the automobile.
Is there a loan that pays off credit?
Personal loans can be used for any purpose.
