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When someone dies, any debts they leave are paid out of their 'estate' (the money and property they leave behind). You're only responsible for their debts if you had a joint loan or agreement or provided a loan guarantee - you aren't automatically responsible for a husband's, wife's or civil partner's debts.
What else can I help you with?
What do you do when someone dies leaving outstanding credit card debt but has no will or trust and no assets?
The creditors will write it off if there are no assets. They cannot come after anyone exept the person with the debt or their estate. If neither exists, they write it off.
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.
Do you have to pay a personal loan off if the person dies?
The estate of the person who dies is responsible for paying off the debt.
For how long can an unsecured debt be pursued?
until the company writes the debt off or the person owiing the debt dies
What happens when your son dies leaving an outstanding car loan?
My sympathies to you and your family. If you, your husband or anyone else in the family didn't cosign for a loan for the car then the debt ends. If there was a cosigner then the cosigner is responsible for the debt. If your son was not a minor and took the loan out himself and he has left a Will or has anything of value this debt will be paid off or written off.
What happens when someone dies owing the IRS?
When someone dies owing the IRS, their outstanding tax debt becomes part of their estate. The executor or personal representative of the estate is responsible for resolving the debt, which may involve using assets from the estate to pay off the taxes owed. If the debt exceeds the value of the estate, the IRS may be willing to negotiate a settlement or payment plan with the estate's representative.
If you have bad credit but the debt is paid off can you get a loan?
Yes
Who is responsible for a mortgage if the owner dies before its paid off and the house is left to her son in a will?
The mortgage should be paid by the remaining estate. If there is not enough cash left to pay off the mortgage, the house can be sold and the mortgage paid at closing, or if the mortgage is assumable, the son may take on the mortgage as his own debt and keep the house.
Where can one go to get the debt paid off?
One can go to the debtor to pay the debt off. To refinance debt and reduce the interest rate being paid, one can refinance one's debts. For this, it is best to talk to one's bank.
Can a car loan agent sue me for a debt that has been written off?
No, if it is written off that means the company has accepted the debt as paid.
How is oxygen debt paid off?
oxygen debt has nothing to do with credit. it is the debt you owe to the environment for causing CO2, or carbon dioxide. You pay it off by planting trees.
What happens when a person dies and is owed money by a friend. Is the debt written off?
The debt moves to his closest family member.
