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Loan Repayment after death

  • 16-10-2019 1:46pm
    #1
    Quiet Achiever
    Registered Users, Registered Users 2 Posts: 184 ✭✭


    I'm sure someone here will have experience of this (not the dying part!)

    Obviously, when someone dies any outstanding loan balances will be claimed from their estate. What I'm wondering is, how likely are banks to chase an estate for smaller amounts, e.g €1-5k, €5-10k, €10-15k?

    And, will a bank doing so incur some significant cost to the estate due to the time a solicitor must spend on the matter?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,624 ✭✭✭✭coylemj


    Quiet Achiever wrote: »
    Obviously, when someone dies any outstanding loan balances will be claimed from their estate. What I'm wondering is, how likely are banks to chase an estate for smaller amounts, e.g €1-5k, €5-10k, €10-15k?

    If the executor is aware of the debt, they have a responsibility to pay it.
    Quiet Achiever wrote: »
    And, will a bank doing so incur some significant cost to the estate due to the time a solicitor must spend on the matter?

    The cost to the estate will be the amount of the debt. If there's a solicitor involved, they will tell the executor to pay the debt from the estate.

    Your questions only make sense if the estate is determined to ignore the bank and not pay the debt.

    If the executor is aware of the debt but ignores it and distributes the assets, he or she can be chased personally by the bank for the debt.....

    (2) The personal representatives shall not be liable to any person for the assets or any part thereof so distributed unless at the time of such distribution they had notice of that person's claim.

    http://www.irishstatutebook.ie/eli/1965/act/27/section/49/enacted/en/html#sec49


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