chump

Hi,

I have some unsecured debt and dont have a mortagage. Should anything happen to me and these debts still exist - is anybody responsible for them or are they wrote off?

Thanks

fast bloke

do you have any assets?

chump

no virtually none....

Apparition

I've heard conflicting reports on this issue.
My 81 yr old mum has a credit card that she's pretty handy with from time to time. I've been told that , yes, the card company can come and take what's their's from her estate at her demise. And I've also been told that once she's "gone", her debts die with her.
I guess it's a wait and see situation.
Yve

fast bloke

your debts and assets become your estate. If you have no assets, your debts die with you. If you do have assets, the debts are taken from liquid assets or sale of assets and the remainder is distributed as per your will/probate

OllyK

If you die with debts then they person / organisation may well make a claim against the estate, if they are aware that the person has died. What happens if the estate is all sorted before they find out, I cannot say, but I expect that the debt would have to be written off.

Tiggs

i wouldnt want to be the executor of an esate that handed out assets having ignored credit card debts and loans!!!

Diablo

Fast bloke is basically correct, however your debts do not die with you and the creditor has the option to bankrupt your estate if they are not paid by your executor from assets realised. This generally happens when the assets are unknown, or where you have no will/executor.

chump

what passes as an estate? I DONT own a house - i rent.....

Tiggs

anything you own....money, personal items.....anything in the world thats yours (not much by the sounds of it)

J4CKO

iTrader: (1)

Oooo its like 'Life of Grime' when they clear a house.

Planning on dissapearing ?

chump

all hypothetical of course

2000TLondon

Hmmm, it's quite tricky to fake your own death, chump!

mad_dr

But Elvis did it!

fast bloke

Its is really easy - just lie down and keep your eyes open. Someone will show up and electrocute you a couple of times - don't react (unless you hear the words post mortem and someone with a buzz saw)