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.
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 recovery of loan parts will be transferred to this specified account.
Once all available balance has been transferred and all loan parts either sold or repaid the account will be closed.