2007-08-15 08:29:42 · 19 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
This will answer all of your questions:
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/ManagingDebt/DebtsAndArrears/DG_10013093
2007-08-15 08:35:10 · answer #1 · answered by euchre_king_03 2 · 0⤊ 0⤋
I believe that they only die with you if you have no traceable relatives/ children/ spouses etc.
Otherwise i am fairly certain that they will just get passed down to the 'next in line' as it were.
That is why many people have life insurances etc as these payouts help towards clearing any debts/ mortgages etc in the event of their death.
Then again if you are dying who cares, you wont have to live with the debts after your dead!!!
2007-08-15 15:36:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
no if you die and have assets, the estate must pay off the debt. say you die with money in the bank, a car, a house.... that stuff can be sold to pay the debt off. someone told you wrong.
2007-08-15 15:34:50 · answer #3 · answered by Anonymous · 0⤊ 0⤋
UK: Not quite. Any debts will be settled out of your estate before it is handed over to the executor for disbursement. If the estate is not enough to cover debts most companies will write off the debt out of goodwill but they are not obliged to and make take further recovery action.
2007-08-15 16:21:07 · answer #4 · answered by Steven 4 · 0⤊ 0⤋
It depends if you have much to leave - say if you had a house to sell- that debts are settled out of that- however if you are as poor as a church mouse- debts die with you. My nan left one or two bills - she left nothing to pay with and left no money/house etc- the bills were written off.
2007-08-15 15:38:01 · answer #5 · answered by Ellie 6 · 1⤊ 0⤋
Not only debts she owed whilst alive, but can accumulate debts after death, for instance the house she owned will continue to gather council tax from her estate if it has not been left to anyone, and do so till it is deeded to someone else
2007-08-15 15:44:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
NO. They get passed along to your heirs. Any debts must be cleared up before disbursements are made. Although, they will not have to assume your debt if their isn't enough money in your estate. In that situation they just get nothing.
2007-08-15 15:34:12 · answer #7 · answered by Shoeless Joe 3 · 0⤊ 0⤋
Your debts form part of your estate. If there is enough money, your executors have to pay the debts before they can distribute the rest. If there isn't enough money, the debts become unenforceable.
2007-08-15 15:39:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Absolutely not, my aunt just died and my family is now responsible for paying all bills that she owed. Just an exaple she had a credit card with a very high limit and while ahe was sick it racked up interest charges, the company took those off but we are still responsible for anything that she actually charged.
2007-08-15 15:35:04 · answer #9 · answered by Ashley V 2 · 0⤊ 0⤋
In Ireland thats true you can be a billionaire owning a mere 1 mil and still the government cant take a penny
2007-08-15 15:39:05 · answer #10 · answered by Anonymous · 0⤊ 0⤋
No...when you die, your debts just transfer to your next of kin. The money is still owed and still needs to be paid.
2007-08-15 15:34:13 · answer #11 · answered by KitKat 6 · 0⤊ 0⤋