ChatterBank1 min ago
bank loan
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Dad passed away both me and my brother took money out of dads bank account to pay for his funeral as stated in his will as we are both excutors bank have been on the phone saying dad had a unsecured loan and that should have been paid off first they are now demanding there money back 7 weeks after dads funeral has been paid for there is no more money in dads estate his credit card company wrote of his account and couldnt have been any more helpfull am under a lot of pressure and on medication to help can any one advice on this matter.
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Didnt have probate as estate is under �5000 which i think is the law in scotland had power of attorney.
In the will it says money in account to be used for funeral as dad didnt have any life insurance death benift on his pensions stop when he was 65 which we didnt no
Are you saying we were in the wrong if so what should we have done wrote letters to bank to inform them of my dads death.
.
In the will it says money in account to be used for funeral as dad didnt have any life insurance death benift on his pensions stop when he was 65 which we didnt no
Are you saying we were in the wrong if so what should we have done wrote letters to bank to inform them of my dads death.
.
Yes you were in the wrong taking the money from the account and not informing the bank of his death. What you should have done is send the bank the funeral bill and asked them to pay it out of the account.
However the end result is the same - funeral costs take precedence over unsecured loans so it shouldn't really make any difference.
They ARE entitled to ask for any excess over the funeral bill back.
However the end result is the same - funeral costs take precedence over unsecured loans so it shouldn't really make any difference.
They ARE entitled to ask for any excess over the funeral bill back.
Yes you were in the wrong taking the money from the account and not informing the bank of his death. What you should have done is send the bank the funeral bill and asked them to pay it out of the account.
However the end result is the same - funeral costs take precedence over unsecured loans so it shouldn't really make any difference.
They ARE entitled to ask for any excess over the funeral bill back.
Power of Attorney ceases to be valid immediately on death
However the end result is the same - funeral costs take precedence over unsecured loans so it shouldn't really make any difference.
They ARE entitled to ask for any excess over the funeral bill back.
Power of Attorney ceases to be valid immediately on death
Sorry, I don't have any knowledge in the area at all but are we really suggesting in this thread that executors (or indeed the deceased themselves if organising in advance) can order the most lavish funeral going, with a horsedrawn cortege and a gold coffin, etc and have it paid for out of the estate before any creditors receive monies they are rightly due?
I find that incredible if it's the case? Surely there's some sort of limit to what can be spent on the funeral even if funeral costs do take precedence?
I find that incredible if it's the case? Surely there's some sort of limit to what can be spent on the funeral even if funeral costs do take precedence?
Was the bank aware of your father's death when you paid the funeral expenses? If not why did the bank allow you to draw on the account - did you have a power of attorney? If you withdrew the money as executors, to pay the funeral expenses, and the estate now has no money left the bank cannot claim against you.
Yes had power of attorney and withdrew money as executors to pay for the funeral as stated on dads will.
But bank said we didnt have the right as account was in both mum and dads name yet we informed the bank 2 year ago that mum had passed away and gave them copies of death cert they even put morgage in dads name only.
Mortgage was paid off last year so dad didnt have any cash
left in his estate only his house so dont no what bank is going to do can they take the house to pay his unsecured loan he took out or can they come after us as executors if
indead we were in the wrong paying for the funeral with
money in dads account.
But bank said we didnt have the right as account was in both mum and dads name yet we informed the bank 2 year ago that mum had passed away and gave them copies of death cert they even put morgage in dads name only.
Mortgage was paid off last year so dad didnt have any cash
left in his estate only his house so dont no what bank is going to do can they take the house to pay his unsecured loan he took out or can they come after us as executors if
indead we were in the wrong paying for the funeral with
money in dads account.
I'm confused. If the estate included a hous ethen surely the estate was valued at more than �5000!. Unless things are very different in Scotland I'm sure probate was needed. If the house in in theestate then the money can be found to pay the estate's debt to thebank
It's also unclear whether you withdrew the money after death as executors with the bank's permission. I would have thought any power of attorney only applied while your Dad was alive and that after death probate was needed.
It's also unclear whether you withdrew the money after death as executors with the bank's permission. I would have thought any power of attorney only applied while your Dad was alive and that after death probate was needed.
Hi,
Generally, the death of the Debtor discharges his liability of repayment under section 75 of the Bills of Exchange act upon notice being provided to the bank. It appears that you may be liable for repayment of the debt as executor or representative due to not providing notice, however this depends upon the precise merits and due to the vast scope you should seek the advice of a solicitor. Various options if you are rendered liable are to argue that the contract is frustrated, or indeed if the loan was executed post April 2007 to check that it is in fact enforceable under the Consumer Credit Act. Hope this helps.
Generally, the death of the Debtor discharges his liability of repayment under section 75 of the Bills of Exchange act upon notice being provided to the bank. It appears that you may be liable for repayment of the debt as executor or representative due to not providing notice, however this depends upon the precise merits and due to the vast scope you should seek the advice of a solicitor. Various options if you are rendered liable are to argue that the contract is frustrated, or indeed if the loan was executed post April 2007 to check that it is in fact enforceable under the Consumer Credit Act. Hope this helps.
Thanxs for your help have a meeting with bank on monday was just looking for help regarding what the banks reaction will be.
As excutors of dads estate we wanted to pay for his funeral first as we were told this took first place over any other debt.
House is co.owned by my late dad myself and my brother so as am informed passed to use and not the estate on dad passing away.
Sometimes trying to do the right thing can turn out to be the wrong thing will just have to wait and see what the bank says.
Account had �3500 in it we took the money out to pay funeral which was �3800
As excutors of dads estate we wanted to pay for his funeral first as we were told this took first place over any other debt.
House is co.owned by my late dad myself and my brother so as am informed passed to use and not the estate on dad passing away.
Sometimes trying to do the right thing can turn out to be the wrong thing will just have to wait and see what the bank says.
Account had �3500 in it we took the money out to pay funeral which was �3800
Sorry Blade - I have been unable to write again since my first answer. As there is a part ownership of a house involved I would have thought the value of your late father's estate would be sufficient to repay the bank which would put the onus on the executors to do so.
How did the meeting with the bank go?
How did the meeting with the bank go?
Hi sandmaster bank said we were wrong to take out the money that we should have asked them to pay the funeral costs.
However the result is the same funeral costs get paid first.
They are looking into dads unsecured loan which will have to be paid out of dads estate however they are unsure if the house comes under his estate as the house was left to us in his will.
If this is the case they will write off the debt just depends
what there estates dept say.
Would like to take the time to thank all the people who gave answers to my questions
However the result is the same funeral costs get paid first.
They are looking into dads unsecured loan which will have to be paid out of dads estate however they are unsure if the house comes under his estate as the house was left to us in his will.
If this is the case they will write off the debt just depends
what there estates dept say.
Would like to take the time to thank all the people who gave answers to my questions
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