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loan covered by insurance

2 posters

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1loan covered by insurance Empty loan covered by insurance Wed Jan 11, 2012 5:23 pm

andresrizal


Arresto Menor

Hi.
A friend borrowed 50,000 with collateral from a bank and was insured for said amount. However, she died last August which incidentally coincided with maturity of her loan. Insurance proceeds for 50,000 arrived after 4 months. Is the beneficiary or estate still liable to pay the interest or penalties that accrued on the 4 month delay? thanks.

2loan covered by insurance Empty Re: loan covered by insurance Wed Jan 11, 2012 10:24 pm

myst01


Arresto Mayor

....legally speaking, yes.
....the loan agreement is the law between the parties and as such, it must be complied in good faith. this applies even if the original party is dead because he/she may be substituted by his/her estate or the heirs.

....nonetheless, just try talking with the bank manager or whoever is in charge, they might be willing to enter into a compromise....

3loan covered by insurance Empty Re: loan covered by insurance Thu Jan 12, 2012 11:13 am

andresrizal


Arresto Menor

thanks.

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