Question about death and debt

[Luckypants]

Originally Posted by petevtwin650

That is easy to say.

I'm not bleating or feeling sorry for myself, cos I've had a good life, but my debts are over 100k. Try getting affordable cover at my time of life.

TBH, all I would want, and all we all really need, is to be cremated and that's it. No wake or headstone or wreathes.

Pete, it was not a pop at you - I was making a general point. I appreciate it may not be so easy getting cover as you get older, my current policy was taken out 12 years ago and is cheap for what I'm covered for. I'll carry on paying it as long as possible because it is good value.

[Stu]

Originally Posted by Luckypants

That should not be a problem, just take sufficient cover to pay off debt.

Originally Posted by Ed

I've dealt with a few insolvent estates. Debt is always a personal matter unless it's secured. So if there isn't enough to go round then it dies with you and the creditor will write it off.

I can see the point in life assurance for your dependents, but not for your debts - stuff them

I have term assurance not the other kind so after 25 years it will run out & i'll have no cover

I can't afford to die

[Stu]

Originally Posted by Luckypants

Pete, it was not a pop at you ... as you get older.

Not much you weren't

Then again, if you die it's no longer a burdon on your shoulders at least..

We're all friends here, I was just showing that there are people who have different approachs to life and death.

Clearly, if I was really that bothered about burdening my net of kin with funeral expenses I could take measures. I gave my daughter a substantial amount of Premium bonds years for just that eventuality but have since used them. Is there a specific policy that goes only to funeral costs and not into the estate that anybody knows about.

Originally Posted by Jamiebridges123

Brb, Canoe...

Originally Posted by Ed

I've dealt with a few insolvent estates. Debt is always a personal matter unless it's secured. So if there isn't enough to go round then it dies with you and the creditor will write it off.

I'm very glad I wasn't aware of that a while back. The feelings invoked when I thought that personal debt would be chased via dependants was one of the things that stopped me doing something very stupid.

[punyXpress]

Pete: I'm sure you can say who the beneficiary is to be in the event of a claim. Could be anyone & is kept outside your estate.
Would just beware of funeral providers who advertise these things as I imagine they are the most expensive way of buying the service.

My dad died suddenly last year [age 65] owing thousands of pounds.
My poor mum [now literally!], age 75, had to pay every penny. At one point we thought she would lose her house.
She would get threatening 'phone calls and letters.
Grieving is bad enough without having to deal with all the money cr@p

Originally Posted by pencil shavings

What happens?

say you own money to credit cards, does the debt get written off? or does it have to get picked up by someone, say children or other half?

why are you planning to die?

[Stu]

Originally Posted by dawn07

had to pay every penny.

What advice did she get?
I'm sure the creditors said she had to pay

Sorry for your loss & the subsequent problems