Will I still pay to the loan shark if ever I die?
One of my friend died due to heart attack but he owes money to a loan shark. If ever I owe a loan shark some money and then I died accidentally, will I still pay or whoever in my family will be responsible for my debts? If ever they will pay, should they pay in full amount? And we all know what loan sharks are, they put too much interests to the loan.
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Technically, there is still debt left and you owe money to the loan shark. One of your relative will stand as your guarantor and he or she will be the one responsible for your unpaid debts. Make sure to let them know so that they are always prepared whatever happens. Also, it is better to pay in full amount because it will not increase if there is nothing left, no interest will be added since there is no more unpaid debt.