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Hypothetical question

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  • 22-02-2013 9:54pm
    #1
    KTRIC
    Closed Accounts Posts: 9,463 ✭✭✭


    Say for example someone is dying with a terminal illness. They don't have a spouse or dependents. They then take out a large loan without declaring the illness or max out their credit cards. In the event of them passing away who is liable for the loans or monies owed ??


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    KTRIC wrote: »
    Say for example someone is dying with a terminal illness. They don't have a spouse or dependents. They then take out a large loan without declaring the illness or max out their credit cards. In the event of them passing away who is liable for the loans or monies owed ??

    Their Estate is liable for the debt. If they die without a Will any assets will go to any surviving relatives. If they have assets e.g. a house, pension etc and die leaving a large loan then the asset may need to be sold to repay the debt. If you are asking then hypothetically if they have no spouse, dependents, assets, life cover, pension, death in service benefit,relatives then the State becomes the beneficial owner of their Estate and possibly liable for the debt but I'd imagine that if they met the criteria above there isn't much chance that they'd get the loan in the first place!


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    #3
    P. Breathnach
    Registered Users Posts: 12,089 ✭✭✭✭P. Breathnach


    If there are not sufficient assets in the estate to pay the debts, then they don't get paid. In OP's hypothetical scenario, the lender gets screwed.

    [I hope, OP, that you do not have a terminal illness!]


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