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Claire D
Claire D, Solicitor
Category: UK Bankruptcy Law
Satisfied Customers: 3090
Experience:  BSC Law and German. 14 years of legal experience
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The nat west have written off the debt but can not confirm

Customer Question

The nat west have written off the debt but can not confirm in writing. They have confirmed over the phone solicitor says he can not finalize estate untill he as it in writing. The bank can not find any thing on their system
Submitted: 3 years ago.
Category: UK Bankruptcy Law
Expert:  Claire D replied 3 years ago.
Has the solicitor issued the statutory notices for the estate?
Customer: replied 3 years ago.

What is the stats notices? he said the only thing holding up the finalization is that nat west can not find the account numbers.

Expert:  Claire D replied 3 years ago.

These are notices whcih advertise for any creditors. He could also obtain an indemnity policy if he is worried, but as Natwest can not find evidence of the account and if he feels nervous, one of these should satisfy him.

Is he the executor?

Customer: replied 3 years ago.

Hi Yes he sent out in the papers when my mother passed and Yes he is the executor.

Expert:  Claire D replied 3 years ago.
In that case, he should be satisfied. If he is not, you could suggest that you obtain an indemnity policy in case the Natwest come calling for the debt, which they say they can not find.
Customer: replied 3 years ago.

Will the interest be paid to me being in the solicitor account for keeping £300,000?


 


Thanks so the indemnity policy whats does that mean?


 


 

Expert:  Claire D replied 3 years ago.
Yes. Interest should be paid. Ask the solicitor if it is placed on a higher interest deposit account. As for the indemnity policy this will protect the executor and beneficiaries in the event of a claim by a creditor as the statutory notices have been given this should be easily obtained and fairly inexpensive.
Customer: replied 3 years ago.

Thank you for your information

Expert:  Claire D replied 3 years ago.
No worries. Good luck.
Customer: replied 3 years ago.

Hello


 


Would the administrator already have an indemnity policy already in place, or how long does it take to get one?

Expert:  Claire D replied 3 years ago.

Hi.

The indemnity policy is unlikely to be in place already. But it should only take a day or so to arrange.

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