This can ensure that the property is divided into two parts and a sale can be put up for sale. So it`s in your best interest to try to get along with people who are indebted to the money and try to pay them themselves. If you have a guarantor, they will be responsible for the financing contract, just as if you cannot make your monthly payments. The money from their estate is used to cover funeral and administrative expenses first. If there is money left afterwards, it must be paid for all the debts that the person had. Rental agreementWith a rental agreement, such as for example. B the personal lease, there are no debts because you have not borrowed money. It`s simply a lease for X months to £Y per month. However, all leases are subject to an early cancellation fee.

They apply regardless of the reason for the early termination of the contract, even if you die. This should be done in conjunction with professional mutual legal assistance. If you were a member of a credit union, you would have appointed a person who, after your death, will be entitled to a maximum of €23,000 of your savings. This money can go to the nominee without going through the usual process for managing your estate. Funds over €23,000 must be managed by your personal representative. A period of grief is obviously difficult enough without having to deal with a financial society that demands payments. The current lockdown situation across Britain makes simple deals even more complicated, so I hope the following information will be useful in understanding how it works and what will happen. Another option with a secured loan is that the executor/testamentary administrator does not intend to voluntarily terminate your financing contract. This assumes that you have repaid more than 50% of the total amount to be paid, which you may have already done. If this is not the case, the executor can pay whatever is necessary to bring the total amount down to the point of 50%. The car is recovered by the financial company without having to pay a little more, provided that you have complied with the normal conditions of voluntary termination. In most other cases, your debt after your death is part of your total forgiveness…