British Expats
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British Expats (https://britishexpats.com/forum/)
-   The Sand Pit (https://britishexpats.com/forum/sand-pit-116/)
-   -   Financial / Loans people (https://britishexpats.com/forum/sand-pit-116/financial-loans-people-604273/)

Spugsy Apr 19th 2009 11:17 am
Financial / Loans people
 
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. :confused:

Blue Cat Apr 19th 2009 11:19 am
Re: Financial / Loans people
 
Originally Posted by Spugsy (Post 7492977)
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. :confused:
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 Apr 19th 2009 11:22 am
Re: Financial / Loans people
 
Originally Posted by Blue Cat (Post 7492978)
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.
If she does she's out of this country quicker than shit through a goose. :)

Blue Cat Apr 19th 2009 11:24 am
Re: Financial / Loans people
 
Originally Posted by Spugsy (Post 7492983)
If she does she's out of this country quicker than shit through a goose. :)
what did she need a loan for that amount for? rent? car?

commander Apr 19th 2009 11:26 am
Re: Financial / Loans people
 
Originally Posted by Blue Cat (Post 7492988)
what did she need a loan for that amount for? rent? car?
does it matter nosey:rofl:

Blue Cat Apr 19th 2009 11:27 am
Re: Financial / Loans people
 
Originally Posted by commander (Post 7492995)
does it matter nosey:rofl:
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 :huh:

Spugsy Apr 19th 2009 11:39 am
Re: Financial / Loans people
 
Originally Posted by commander (Post 7492995)
does it matter nosey:rofl:
heh heh.

rowell Apr 19th 2009 11:53 am
Re: Financial / Loans people
 
Originally Posted by Spugsy (Post 7492977)
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. :confused:

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 Apr 19th 2009 12:15 pm
Re: Financial / Loans people
 
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 Apr 19th 2009 1:06 pm
Re: Financial / Loans people
 
Originally Posted by Meow (Post 7493158)
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.

-
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 Apr 19th 2009 1:08 pm
Re: Financial / Loans people
 
Originally Posted by Meow (Post 7493158)
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.

-
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 Apr 19th 2009 1:12 pm
Re: Financial / Loans people
 
Originally Posted by Spugsy (Post 7493284)
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?
doubt it, is she planning on dying or something?

Spugsy Apr 19th 2009 1:29 pm
Re: Financial / Loans people
 
Originally Posted by Blue Cat (Post 7493297)
doubt it, is she planning on dying or something?
no, but she is worried as her parents are old and have little money.

Blue Cat Apr 19th 2009 1:34 pm
Re: Financial / Loans people
 
Originally Posted by Spugsy (Post 7493334)
no, but she is worried as her parents are old and have little money.
then I suggest she thinks of some way to get it paid off ASAP, god help her if she is made redundant :(

Spugsy Apr 19th 2009 1:38 pm
Re: Financial / Loans people
 
Originally Posted by Blue Cat (Post 7493349)
then I suggest she thinks of some way to get it paid off ASAP, god help her if she is made redundant :(
This, dear Bluecat, is why I am asking.


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