Spugsy

A mate has taken out rather a big loan over here with HSBC, and unsecured loan for AED 270,000.

Now things are ok, but this person wants to know if anything went wrong, like she lost her job or even died, would this debt be passed onto her parents??

She had to give a UK address, which was her parents, but no-one guaranteed the loan, it's all on her.

Any ideas? I said I very much doubt it, but she just wants to know.

Ta.

Blue Cat

the debt wouldn't be passed onto her parents, the reason the bank ask for a UK contact is so they can track her down if she does a runner, though I could be wrong. Meow will know I hope this friend doesn't lose her job.

Spugsy

If she does she's out of this country quicker than shit through a goose.

Blue Cat

what did she need a loan for that amount for? rent? car?

commander

does it matter nosey

Blue Cat

I couldn't give a toss, it's her bad judgement not mine, just curious why she would need such a large loan that's all

Spugsy

heh heh.

rowell

Do you think they ever check your uk address after all in the passport there is no address, your company probably dont know where you live, all my contact was through e mail and phone

Meow

In the UK, on death, debts are payable by your estate, assuming there are sufficient assets to cover them. Debts cannot usually be passed onto to anyone else, whether spouse or partner, unless they were in joint names or acted as a guarantor.

Hope that helps.

-

rowell

Does this include credit card debts, I was always under the impression these died with you, although when my son died the credit card companies did try to get them but I told them where to go and they never came back and asked again

Spugsy

But the loan is with HSBC out here. If she died, would they try and get teh cash from her parents back in the UK?

Blue Cat

doubt it, is she planning on dying or something?

Spugsy

no, but she is worried as her parents are old and have little money.

Blue Cat

then I suggest she thinks of some way to get it paid off ASAP, god help her if she is made redundant

Spugsy

This, dear Bluecat, is why I am asking.