What happens to your debt review removal if you die?
When an individual under debt review passes away, the process of debt review removal is handled with utmost care and precision. The first step involves the debt counsellor receiving all necessary documents related to the deceased individual’s financial situation. Once these documents are in hand, the debt counsellor will update the status code to ‘I – Consumer deceased’. This status update is a crucial part of the process as it officially acknowledges the individual’s passing in the context of their debt review.
Following this, the debt counsellor takes on the responsibility to notify all relevant parties about the individual’s demise. These parties may include creditors, financial institutions, and any other entities involved in the individual’s financial affairs. The debt counsellor will also check and attend to all credit and life insurance document submissions. This is an important step as it ensures that any payouts from life insurance policies are correctly applied towards the individual’s outstanding debts.
Once all these steps are completed, the deceased estates administration process will commence. This process involves the management and distribution of the deceased individual’s assets in accordance with their will or the law.
Got More Questions? We have gathered the most frequently asked questions about exiting debt review here.
Book your Free Consultation with The National Debt Review Center
COMPLETE THE BELOW DEBT REVIEW REMOVAL FORM TO APPLY FOR DEBT REVIEW REMOVAL ONLINE
The National Debt Review Center
0 Comments