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Guarantor

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  • 25-10-2013 3:19pm
    #1
    mcko
    Registered Users Posts: 751 ✭✭✭


    Hi
    My mother died 2 years ago, she went guarantor for my cousin to get a credit union loan.
    My cousin hasn't paid the loan back.
    Do the guarantor liability die with my mother.


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    #2
    nuac
    Moderators, Society & Culture Moderators Posts: 6,769 Mod ✭✭✭✭nuac


    No, but there may be some insurance payment via the CU on the borrowers death.

    Depends on his age when borrowing and other T and Cs


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    #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,204 Mod ✭✭✭✭godtabh


    nuac wrote: »
    No, but there may be some insurance payment via the CU on the borrowers death.

    Depends on his age when borrowing and other T and Cs

    Is that insurance based on shares within the CU or separate insurance?

    This is something I'd be interested in knowing. With an ageing population who would.have acted as guarantor for children in their 30s what happens when they die? Could it lead to another massive bad debt write off ?


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    #4
    McCongo
    Banned (with Prison Access) Posts: 50 ✭✭McCongo


    nuac wrote: »
    No, but there may be some insurance payment via the CU on the borrowers death.

    Depends on his age when borrowing and other T and Cs

    The guarantor is dead not the borrower. Confused:o


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    #5
    mcko
    Registered Users Posts: 751 ✭✭✭mcko


    Loan got in 2007 no attempt to pay much off it, cousin seems to have no intention of repaying, how do I stand, all my mother left was her house to me and my 2 kids, it's in trust till they are 18.
    Will the CU come after me or my cousin.
    Really feel like kicking the **** out of her.


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    #6
    Ken.
    Closed Accounts Posts: 12,898 ✭✭✭✭Ken.


    Here's a thread from 2 years ago. Not sure if it's still valid but it seems that your mothers estate is in the clear 2 years after her death.
    http://www.boards.ie/vbulletin/showthread.php?t=2056379978


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    #7
    mcko
    Registered Users Posts: 751 ✭✭✭mcko


    Many thanks for all replies will speak to my solicitor Tuesday.


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    #8
    mcko
    Registered Users Posts: 751 ✭✭✭mcko


    Is it true when probate is granted you cannot sue an estate.


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    #9
    McCongo
    Banned (with Prison Access) Posts: 50 ✭✭McCongo


    mcko wrote: »
    Is it true when probate is granted you cannot sue an estate.
    An estate can't be sued until after a grant of probate. .


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