Free Legal Advice Philippines

Disclaimer: This web site is designed for general information only and does not create attorney-client relationship. Persons accessing this site are encouraged to seek independent counsel for legal advice regarding their individual legal issues.

Log in

I forgot my password




You are not connected. Please login or register

loan covered by insurance

View previous topic View next topic Go down  Message [Page 1 of 1]

1 loan covered by insurance on 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.

View user profile

2 Re: loan covered by insurance on 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....

View user profile

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

andresrizal


Arresto Menor
thanks.

View user profile

Sponsored content


View previous topic View next topic Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum