Hello everyone,
I have had a look at all the threads but I have unusual circumstances so ask for your kind advice (but sorry if I am just repeating what has been asked before):
My partner is the executrix to an estate
The deceased passed away in October 2008
The main beneficiary is my partner's daughter (grand daughter of the deceased - paternal side of the family)
We have a number of credit agreements (see example below) and they form the debts of the estate as they were (completely) unpaid during deceased's lifetime
Agreements were taken out in 2003
No substantial payments were made and they all went into default pretty quickly
Our daughter's biological father is contesting the will and we have had to go to the High Court to get our daughter what was left to her
We have spent 4 years in litigation to win probate for our daughter's inheritance (which thankfully should happen before Christmas - ) at great expense
Probate for the estate has been handled by a solicitor
Litigation of the dispute was handled by a different solicitor (thankfully!)
The probate solicitors have communicated with the creditors directly on the executrix's behalf. They are not hassling us yet but will do when we sell the house because the debts have "equitable charges" against the house (which is the only real asset of the estate).
We did not want to try and clear the credit agreements in case we lost the case over the validity of the will
Now we are close to getting probate, we need to try and get rid of these debts (or at least the punitive interest) on them
Interest has been charged throughout at 20%
I now need to know how much interest has accrued over the course of the litigation so must write to the creditors now for statements of account to enable us to calculate costs that we can attribute back to our daughter's numbwit father. (Sensible?)
Here is an example of a First National Bank credit agreement in question (we have 3 of these all of the same format and some others that are similar in structure)
[ATTACH]38602[/ATTACH]
The only route I can think of is that the agreement does not have the total credit charge, only the amount of credit agreed and then monthly repayments.
Thanks