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Thomas, Lawyer
Category: UK Law
Satisfied Customers: 7432
Experience:  BA (Hons), PgDip, Practising Solicitor
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Hi. Sadley my nephew died yesterday. He had just taken out

Resolved Question:

Hi. Sadley my nephew died yesterday. He had just taken out a loan for a motorbike with a finance company via the Motorcycle business. The first payment is due on 13th July 2011. He lives with his Mother and as far as I am aware has no assets. Will this debt still have to be paid?
Many thanks.
Submitted: 5 years ago.
Category: UK Law
Expert:  Thomas replied 5 years ago.



Thanks for your question. You have my sympathies.


A persons debts must be settled from the available assets the deceased had at the time of his death. This means that any monies realised from the assets that your nephew had must go towards settling the debts but if there is not enough money to redeem the loan then the loan company will have to write it off.


You (or whoever is dealing with his estate) will have to contact the finance company to inform them of the situation and that you are prepared to pay any monies realised from his assets to them but do not think it covers the amount outstanding.


Provided no other person guaranteed the loan and his assets are used to pay of a portion of the loan then no-one will incur further liability.


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Kind regards,


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