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How to handle my late fiancée debt


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Hi everyone,

 

Sadly, my dear fiance passed away last week.

 

We shared a house togeter so I know that I will be responsible for paying any outstanding debts.

 

My question is, can I call the CC & loan companies and offer them a settlement or do I have to pay the full outstanding amount?

 

If I can offer them a settlement, what percentage should I offer?

 

Many thanks.

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Condolences on your very sad loss.

 

You do not have to make too much work for yourself at this time.

 

Are the Cards etc. all current and up to date, or are they with debt collection agencies.

 

Depending on whether there is a Will or not, and the answer to the above, we will be able to tailor our responses more acurately.

 

You could send a very brief note to all companies if you wish just informing them that their customer has passed away, and inform them that you will be in touch at the end of August.

 

If you are jointly named on any of the accounts, you can still do this for now.

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Were you married?

Are the debts in his sole name?

Did he assets? As in his estate?

Is the house jointly owned or is it rented?

What approx is the sum total?

Was there a will?

I reside in Dawlish Warren but am not a rabbit.

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sorry to hear of your recent bereavment.

 

Not much to add to the other posts. As has been said, don't rush into doing anything. If there is a solicitor dealing, they will ask you for all the details of the various financial commitments and they will deal with it. Solicitors prefer to deal with everything from the outset, to make sure all is dealt with correctly.

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We shared a house togeter so I know that I will be responsible for paying any outstanding debts.
Not exactly, unless you are the executor of his estate and he has left an estate, or you were joint and severally liable i.e joint loans bank a/c etc., otherwise his debts died with him.... you would not & could not be held liable.
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Hi,

 

We jointly own the house but he did not have a will. All the debt is solely in his name.

 

We did have life insurance so I know I will be responsible for the debt.

 

Thank you for your kind words xx

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If there is no will then I believe his Estate passes to his next of kin?, I don't mean to be too inquisitive but does he have valid marriage, or children?

 

Unfortunately the Credit Companies will eventually start to hassle as the house will pass into your sole ownership at some point.

 

It may be worth speaking with a Probate Solicitor even though there is no Will to probate.

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There is a booklet available from the Register Office, CAB and so on, called 'What to do after a death', which contains some useful information about these circumstances.

 

I would certainly take things slowly; don't feel you have to rush to deal with creditors. In the first instance, a short letter informing them of the death is all that is needed. Ask them to supply full details of anything owing and say that you expect them to cease interest and charges at once.

 

Some will ask for a certified copy of the death certificate; when I dealt with an uncle who died intestate, I used standard reply that they could get one from the Register Office on payment of the fee, or they could send me the money and a SAE.

 

Some will try to get you to pay quickly; keep everything in writing and remember that you dictate the pace, not them. Many financial firms have departments that deal with deceased accounts - sometimes you have to hack through the collections drones first.

 

Let each know that until you have full details of any debts from all creditors, you won't be able to do anything. When you have all the details, the next thing to do is confirm their right to collect; this means sending off CCA requests and so on.

 

Once you have confirmed all the details, you can start to think about payments. Come back here and we'll help you to decide how best to deal with that aspect.

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Very sorry to hear your sad news..

 

Some reading for you when you are ready.

Debt after Death | Debt - Special Situations | The UK Insolvency Helpline

 

A common misconception in the UK is that if you die, all your debts will be written off. This is certainly not the case and in fact, when someone dies, almost any debt they have accrued must still be paid back in some way. If the deceased had made a will, the executor of the estate will bundle up all of the person's assets (the estate) and use these to pay off any outstanding debts, beginning with mortgage debt. Although it is sometimes assumed that a surviving spouse or partner would become liable for the debts, this is not necessarily the case. Only where loans had been taken out jointly by the couple, or the spouse was acting as a guarantor for the decease's debt, will a surviving partner inherit responsibility for a debt.

Debt after death

 

What happens to debts when someone dies? : Directgov - Money, tax and benefits

Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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Guest HeftyHippo

I'm sorry to hear of your loss. I am sure there are a million and one things going through your head. Take your time, everything will still be there tomorrow and the day after, and the day after. They will all wait.

 

The one thing I will add that I don't think anyone mentioned is about the house ownership. There are 2 ways of owning a house jointly. I think they are tenants in common and joint tenants.

 

The latter means that you each jointly own the whole house, so that if one dies, their share passes automatically to the other. I think it also means that the house is not included in their estate.

 

Tenants in common own their respective shares independently of each other, and on death, their share passes to their next of kin.

 

Obviously this is a consideration for your own situation and will be one more thing to sort out.

 

Best of luck, I am sure you will get plenty of advice here if you need it.

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What I would suggest is that when you are ready make a list of all debts together with the balances due.

 

When you are certain as to the amount of disposible income might be, divide this by the number of creditors to see what amount you come up with.

 

As you will be dealing with an 'estate' income rather than a personal income, it is important that they understand this.

 

Word your letter such that they must confirm acceptance of the amount offered as a full and final settlement of all monies owed, and that you need this in writing prior to settlement.

 

Realistically, start at 10% of the balance outstanding, you would be surprised at how they much jump at that chance!

 

However, one thing that concerns me, if you have a mortgage, think carefully about paying a lump sum off of that, for your own security.

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Who ever heard of someone getting a job at the Jobcentre? The unemployed are sent there as penance for their sins, not to help them find work!

 

 

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What I would suggest is that when you are ready make a list of all debts together with the balances due.

 

When you are certain as to the amount of disposible income might be, divide this by the number of creditors to see what amount you come up with.

 

As you will be dealing with an 'estate' income rather than a personal income, it is important that they understand this.

 

Word your letter such that they must confirm acceptance of the amount offered as a full and final settlement of all monies owed, and that you need this in writing prior to settlement.

 

Realistically, start at 10% of the balance outstanding, you would be surprised at how they much jump at that chance!

 

However, one thing that concerns me, if you have a mortgage, think carefully about paying a lump sum off of that, for your own security.

 

Hi,

 

Thanks for your reply. I am planning on paying off the majority of my mortgage with the insurance money. If I do this will they have to accept the 10% or can they demand that I don't pay so much off my mortgage so I can afford to pay them?

 

Also, how will they know I have the life insurance money!? Can j just say I don't have much money to pay the debt?

 

Thanks :)

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Hi,

 

Thanks for the replies. When we do the probate I think we have to state it he had life insurance. Do you think the creditors will find out about this?

 

Thanks!

 

Not totally sure on this. They would have to make a request for this information and then you would take advice as to their legal entitlement to have the information. There may be situations where you have to supply the information i.e. court order, where the debt was secured against property and life assurance was required.

 

You really should be getting legal advice from a solicitor to make sure that you are only paying the ones that you are legally required to repay.

We could do with some help from you.

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