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Is an individual's debt rescinded when they passed away? (lemmy.world)

submitted 1 day ago* (last edited 1 day ago) by War5oldier@lemmy.world to c/asklemmy@lemmy.world

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The scenario is like this: boyfriend has unpaid debt (either from loansharks or the bank themselves) however he died from a terminal illness before debt collectors can get to him, but does his death automatically "erase" the unpaid debt he owes as he's gone?

The thing is, they can't pursue him as he's literally dead. The contract he signed prior to death only bares his name (meaning the debt can't be passed down to either his girlfriend or family) as he's the only signatory listed on paper (while his family are not signatories).

Debt collectors or loansharks show up to his residence only finding out from his girlfriend that he passed away (she has his death certificate to prove it), she reiterates that his debt can't be paid the "conventional" way as he's no longer alive to do that.

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[–] blarghly@lemmy.world 3 points 1 day ago

This situation will depend on the laws in your country. You should contact a lawyer for actual legal advice relevant to your area. However, I believe the standard is that (as stated by others) debts are paid by the estate of the deceased, and any remaining debt simply disappears.

If the bank sold the debt to a debt collection agency, the same rule applies. But these are not loan sharks. These are debt collectors.

A loan shark is, like, a mobster who loans you some money with the understanding that the collateral is "we'll kill your family". As criminals, loan sharks aren't known for their propensity for following the law, and their interpretation of what happens to the debt may very well be that you owe it to them now. In this case, I suggest you find a way to pay the debt as, again, the collateral is "we'll kill your family."