Money question
16 February 2003, 03:03 PM
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Hi,
I've got some debts and was wondering, if I died, would my parents be responsible for paying these back? I don't own a house and don't have any payment protection plans on these debts.
Any advice?
Cheers
Marc
I've got some debts and was wondering, if I died, would my parents be responsible for paying these back? I don't own a house and don't have any payment protection plans on these debts.
Any advice?
Cheers
Marc
17 February 2003, 12:28 AM
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If you have any belongings these make up your estate. Debts also make up your estate. On death, debts are repaid in a particular order, always starting with the taxman. If the balance of debt is greater than the balance of equity (stuff you own), some debts will not get paid unless your parents/someone else have guaranteed some of the loans
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