If you were to die Lendy would seek instructions from the executor/administrator of your estate for advice on what to do with your lending and where to transfer any remaining balance.
According to this instruction Lendy would place your loan parts for sale on the secondary market.
In the event of the death of an active lender, Lendy will need to be provided with a copy of the death certificate before we can formally recognise the death of the lender.
Upon receipt of the death certificate, the executor/administrator of the deceased’s estate will be sent a request to provide a certified copy of a Grant of Representation (i.e. Grant of Probate, Grant of Letters of Administration or Certificate of Confirmation), and a certified copy of the death certificate and be sent an Executor/Administrator Instruction Form for completion, and a valuation and breakdown of the account.
Once the completed Instruction Form has been returned to Lendy along with a Grant of Representation the instructions will be carried out.
Any available balance will be transferred to an account specified in the Instruction Form. Funds gained from the sale of loan parts will be transferred to this specified account on the second working day of each month.
Money entering the account from the return of capital on the completion of a loan, or money entering the deceased’s account as interest payments will also be transferred to the specified account on the first working day of each month.
Once all available balance has been transferred and all loan parts either sold or repaid the account will be closed.