Hello,
My sister and I are equal executors in our parents Will (both parents now deceased - dad 15 years ago and mum 2 years ago). We have received Probate.
We have inherited a secured debt (flexible line of credit approx 80K) to which I continue making monthly repayments. (Our home was purchased prior to Sept 1985 and I believe we are exempt from CGT)
Not long after mums passing I went to the bank to advise of mums passing. Bank statements continue to have mums name on them.
My sister and I believe this loan would have been taken around 40 years ago when mum and dad had a business. The Bank Manager advised that this type of loan is no longer something they have on offer to non-business applicants.
The initial bank the loan was taken with has been bought out and when the bank Manager made some enquiries she confirmed they do not have a copy of the contract in their archives but confirmed they would have the title of the house.
I'm unsure what we are to do next or how to move forward. Do we have to:
1. Sell the family home to repay this debt without a loan contract? or
2. Apply for a personal loan each to repay the debt?
3. Why didn't the bank cease this type of loan when the business was sold but instead increased their limit?
Thank you in advance,
My sister and I are equal executors in our parents Will (both parents now deceased - dad 15 years ago and mum 2 years ago). We have received Probate.
We have inherited a secured debt (flexible line of credit approx 80K) to which I continue making monthly repayments. (Our home was purchased prior to Sept 1985 and I believe we are exempt from CGT)
Not long after mums passing I went to the bank to advise of mums passing. Bank statements continue to have mums name on them.
My sister and I believe this loan would have been taken around 40 years ago when mum and dad had a business. The Bank Manager advised that this type of loan is no longer something they have on offer to non-business applicants.
The initial bank the loan was taken with has been bought out and when the bank Manager made some enquiries she confirmed they do not have a copy of the contract in their archives but confirmed they would have the title of the house.
I'm unsure what we are to do next or how to move forward. Do we have to:
1. Sell the family home to repay this debt without a loan contract? or
2. Apply for a personal loan each to repay the debt?
3. Why didn't the bank cease this type of loan when the business was sold but instead increased their limit?
Thank you in advance,
