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My mum died yesterday and dad is already worried about money. Mum had a bank loan which came out of their joint account. The paperwork is in her name so where do we stand because I do not believe there is any insurance on this.
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Re: bank loan
If the loan was entirely in your mum's name then there should be no charge against your dad. The outstanding amount can only be claimed out of your mum's estate. Some debts, such as funeral expenses, have priority on the estate so the lender may not be able to claim anything. If your mum had nothing then the lender will get nothing. -
Re: bank loan
Meellis, I am so sorry for your loss. Mothers are special, irreplaceable - please accept my condolences.Originally posted by meellis View Post
What do you mean by the sentence in bold quoted?
Do you mean that it was a joint loan to their account arranged by your Mum or that your Mum took out a loan in her sole name and paid it into their joint account?
Or something else? xComment
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Re: bank loan
Hi MissFm I haven't seen all the paperwork but the agreement I saw was in my mothers name only but the payments would have come out of their joint account. My mother was registered disabled so my dad was getting carers allowance and they had a car supplied by motability. My father is going to lose all these things straight away so is really concerned about how we are going to afford to live. Because all three of us lived together they were unable to claim a lot of allowances, because, even though I was B/R I was supposed to help support them. I don't believe there was any insurance on the loan but they have a pre-packaged account with Barclays who the loan is with. Because of different things that have gone on my dad lets my brother see and try to understand more of the paperwork, he is old fashioned and probably believes I have been reckless and caused the position I am in. I am fine with that if it makes him happier, but I still discuss things with my brother.Comment
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Re: bank loan
For me I can only tell you when my dear brother died, I wrote on behalf of his spouse who was unemployed (but owned the house as in no mortgage)............to his creditors & they all backed off..all of them.
Thats not to suggest anything other than try.........................they do budget & create a general business attitude towards losing monies in part ( as in what they can not chase) & most have already paid this in abundance in life, that's why it is expensive.
Am sure you have this in your head already..............in grief it does not jump to the front but it has to be done.
Once again am sorry for your loss bud.Comment
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Re: bank loan
It's true, as Fred says above, that your grief (for all of you) is raw at present and things will look very black. Give it a little while and try to look at the financial situation objectively - clinically.
If you post up details as they become clear (but I don't need to tell you this!) those who can supply answers will help you and those who may not (know any answers) will support you in all the ways they can :hug
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