What to do when a Mariner Finance account holder dies

Because Mariner Finance is branch-based, the most direct contact is the local branch that services the loan; you can find it at locations.marinerfinance.com. You can also call central Customer Service at 1-877-310-2373, Monday through Friday 8:30 a.m. to 7:00 p.m. ET. Have the death certificate for the deceased borrower and the Mariner Finance account number ready. Mariner does not publish a dedicated deceased-borrower page or claim form, so a survivor provides a written notice with the death certificate.

No. A personal loan is a debt, not an asset, so there is no payable-on-death or beneficiary designation. When the borrower dies, the obligation becomes part of the estate, which settles it by paying the payoff amount or, on a secured loan, by dealing with the pledged collateral. Any optional credit life insurance on the loan is separate — it pays Mariner directly, not the estate.

Credit life insurance is optional coverage a borrower can buy when taking out a Mariner Finance loan (its cost is financed into the loan). On a covered claim, the insurance carrier pays the outstanding loan balance, up to policy limits, directly to Mariner Finance as the creditor when the covered borrower dies during the term of coverage. Because the payment goes to Mariner rather than to an heir, it can eliminate the estate's obligation on that loan and relieve a co-borrower of the covered amount. Check the original loan documents or ask the branch whether the loan carried this coverage.

Mariner Finance offers both unsecured and secured personal loans. On a secured loan the borrower pledged a car or other asset as collateral, and Mariner holds a lien on it until the loan is repaid. After the borrower's death the estate can pay off the balance to clear Mariner's lien and keep or sell the asset, or surrender the collateral, which Mariner may sell and apply to the debt. Ask the local branch or Customer Service whether the specific loan is secured and what collateral is pledged.

Have the death certificate for the deceased borrower and the Mariner Finance account number ready. If Mariner requires proof of authority to discuss or settle the account, provide Letters of Testamentary or Letters of Administration (certified court-issued documents naming the estate representative), or a small estate affidavit where the estate's total assets fall under the dollar limit set by state statute. To check for optional credit life insurance, have the original loan documents available.