About 7 years ago i disowned my mother and step father after nearly 24 years of abuse verbally,mantally and physically during the period they had a grip on me i signed for some loans for them, they recieved the money i got nothing. After deciding enough was enough with the help of my now wife i broake away.
During this time i discovered that none of the loans i had signed for for them had ever been paid back even though they said they would...yes im an idiot i should have known better anyway after paying out a crippling amount of money it would seem we have paid it all off.
Now my question :-
I have no plans to get back in touch and now worry... knowing what there like that when they die any debt they have will end up in my lap to pay off. im not wanting/going to.... is there any legal way of avoiding there debts ending up on my door when they die?
As im not even sure what happens to the debt when they die???
I would book yourself into a Citizens Advice Bureau and have a free 10/15 minute talk with an appropriate lawyer on the subject. Saying that I bet they can do it over the web or phone but I would always prefer to do something like this face to face.
Good luck klute77
Hi klute77 - I don't know what the law is in other countries but, assuming you are a resident of either England or Wales, you've got absolutely nothing to worry about. If you haven't signed as a guarantor for your parents debts then when they die their debts die with them. The debt becomes a claim on their estate and, if there isn't enough money in the estate to pay the debts, then that's it, end of story. Hope that helps. Mike
Citizens' Advice Beureau, like CF says. They've helped me and several people I know through seemingly un-understandable problems.
Website: http://www.citizensadvice.co.uk/
Good luck, Klute. The advice I would have given has already been given. C.A.B. were a massive help to me in difficult circumstances, they're massively underfunded and over-worked, but find out where your local one is and the proceedure for getting a chat with them (you may have to wait a bit) and get onto it. Hopefully they'll be able to give you a basic framework for how to tackle the issue.
Glad to hear you and your wife have gotten out from under them. Best of luck.
Were the loans taken out in your name or your parents ?
Like others have said if the loans werent taken out in your name then its not your problem but if they were and they havent been paid back and during the proceeding 7 years and you have heard nothing from the loan company or bank or whatever then you havent got anything to worry about either.Depending on the size of the loans 7 years is a long time and they might well have been written off by the loan company if they were unable to trace you.
QuoteWere the loans taken out in your name or your parents ?
Like others have said if the loans werent taken out in your name then its not your problem but if they were and they havent been paid back and during the proceeding 7 years and you have heard nothing from the loan company or bank or whatever then you havent got anything to worry about either.Depending on the size of the loans 7 years is a long time and they might well have been written off by the loan company if they were unable to trace you.
All the loans i got them in my name have been paid off so anything else would be in there name only.