The Rig

iTrader: (13)

had an interesting debate today.

some people believe they will inherit their parents debts if they die before tere paid off.

i said nonsense,unless the were guarantpr etc or wirtten details were in the contract and they signed it.
so,was i right ?

also what about gas/electric water bills etc, when a parent dies who is liable for the bills (loan parent no husband/wife)

cheers

fast bloke

google 'estate'

boxst

You don't really inherit the debt, but the debt can be subtracted from any assets: So if you are left the house, the companies owed money will claim against the value.

I have no idea whether they bother though.

Steve

The Rig

iTrader: (13)

cheers.

in the cases we discussed,no assets were left,rented home,no car etc most stuff boughton HP nothing in the bank just a wage each month and debts of various loans says to £15k

ScoobyWon't

Are you planning on bumping off your parents?

The Rig

iTrader: (13)

yeah,damn been rumbled

As the 1st post states

alcazar

iTrader: (2)

In the above case, they have no estate, so all debts die with them.

Alcazar

MattN

No.

A debt does not pass on to another individual.

Sonic'

My understanding is that Debts cannot be transferred to kin just because a person dies

I have always beleived that once you die your debts die too, unless there is equity in the case of a mortgage with loans secured against it, and mortgage owing without any kind of death cover

dunx

iTrader: (3)

I paid my mother's credit card bill on her "passing away", but the idiots dragged it out for months because they couldn't tell me how much to pay...due to "data protection". FFS

I think you need to read the small print, as you may "inherit" the debts.... I don't claim to know.

DunxC

The Rig

iTrader: (13)

so the assumption is i was right, the other guy wouldnt have it, was sure parents debts etc will go to him when they pass.

cheers

The Rig

iTrader: (13)

what about leccy bills water bills etc the dude was on one thats for sure ha ha

dunx

iTrader: (3)

Strangely back in 1986 when my old fella died the credit card company wrote the debt off..... ten years on and too many people doing just that meant they changed the rules !

LOL

DunxC

Leslie

I always thought that any debts had to be settled out of a person's estate if possible.

Les

SVXNUT

I am still paying off my sisters loan from when she died 3 years ago. It was borrowed with my Grandads consent against the family house, so it still had to be paid, even though it was in her name.

The Rig

iTrader: (13)

thats a bit different tho, as i was saying to this guy,if its agreed before signing on paper etc that it is secured against this or that or this person or that person etc.

condolences by the way