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Carol K | Is a widow responsible for loan repayments on a bank loan agreement entered into by her late husband.? |
the loan agreement was made on a joint account in both names, but was only signed for by the late husband without the widow's knowledge.. |
 |
 
Munster
 |
If you didn't sign for it then you, personally, are not liable for the payments. If there was no life insurance policy to cover payments in the event of his death, the loan will have to be repaid from the deceased's estate. In other words, all of the deceased's assetts are used to pay off the liabilities. In areas where the assetts are jointly owned, like the house and bank accounts, Im not sure how that works. Anyway, a solicitor can handle these matters quite easily. I would think that certain things like the house will be protected. |
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super_star
 |
Yep
She is his next of kin. Thats why they asked for the next of kin details at the application stage. To cover their losses, in the event of the main loan applicant dying.
That is why ALL financial establishments ask for next of kin, not because they want to get in touch with them should you have an accident in the bank
Sorry to say, but yes she is liable. HOWEVER, she can plead poverty and take the rest of her life to pay it back at £5 per month.
Thats what Id' do. |
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bubble_rose_fairy
 |
You will have to prove that you have no knowledge of knowing that the loan was taken out, if you didn't sign then you shouldn't have to pay i would go and seek legal advice on this matter. |
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old know all
|
The loan becomes a debt on the estate and has to be repaid out of estate monies.
In this case, it sounds as though the loan didn't comply with the banking code. It's probably unenforceable. Contact the financial ombudsman for a complaint form. The bank will probably back out once a complaint has been made. |
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Sparky
 |
If you are saying it is a joint loan, then both parties must sign the loan agreement or it becomes a non-enforcable agreement.
Do you have /have you seen the original loan agreement? If you ask the Bank to show you the joint loan agreement, and it only has 1 signature on it, you can tell them they have messed up and will have to write off the debt. |
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ianmat
|
No. But the lender is entitled to repayment from the estate. |
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Franco
|
To me it is perfectly clear.
If you did not sign the agreement, you are not responsible. But if your husband left any assets, the bank can claim against them.
However they cannot sell the house you re living in and even if your husband gave that as security, it is not enforceable, as you had an interest in it needed your signature. |
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sarah c
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I'm sorry to hear you're going through this. Its the last thing you need.
His estate may be liable for the loan. You need proper legal advice and the solicitor or Citizens Advice people need to see the original agreement.
If it was a bank loan I'm amazed that they let him walk out the door without signing up for insurance. Check to see if there's a policy on the loan that clears it in the event of his death. |
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Northern G
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If it were money coming to you, instead of coming from you, how would you feel about the bank saying, sorry lady, this money belongs to your dead husband, so we can't give it to you.
You don't need a lawyer to tell you that being the widow means that you are as responsible for the liabilities of your deceased partner as much as you are the beneficiary of his assets.
Suck it up, pay the debt, learn the lesson - NO JOINT ACCOUNTS! |
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Ian :-)
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This is too serious for Yahoo. See a solicitor. |
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Bertybob
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Seriously...see a solicitor on this one, you may have a case. |
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