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Does your credit card debt die with you?
the4mgs
Posts: 2 Newbie
in Credit cards
Hi everyone,
Can anybody help, I have had a close relative pass away over the weekend, and I have found out that they have a credit card balance of approx £3k.
Does this debt die with you or does the estate have to pay the outstanding balance.
Any help appreciated.
Michelle
Can anybody help, I have had a close relative pass away over the weekend, and I have found out that they have a credit card balance of approx £3k.
Does this debt die with you or does the estate have to pay the outstanding balance.
Any help appreciated.
Michelle
0
Comments
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Debts are paid out of the Estate (all types of debts).
Only if there is no estate then the debts die. They cannot be transfered to a relative (despite some creditors trying to claim otherwise at this very terrible time).0 -
Charlotte is right it is all claimed of the estate and if the estate no won't cover it just gets cancelled. I had a lloyds bank manager recently trying to sell me insurance for a credit card insisting that I would need it if I died to protect my loved ones from the debt, when I questioned what he meant he started blabbering on about them inheriting it! I had a good argument with him over it. lol. But he acknowledged what I have just said.[FONT=georgia, bookman old style, palatino linotype, book antiqua, palatino, trebuchet ms, helvetica, garamond, sans-serif, arial, verdana, avante garde, century gothic, comic sans ms, times, times new roman, serif]A bank is a place that will lend you money if you can prove that you don't need it
[/FONT]0 -
If you know that the estate will cover all the debts it is worth paying them off as soon as possible rather than just letting them gain interest such that you have more money left over.0
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Thanks everyone,
Looks like I need to get a statement and pay it off.
Thanks again
Michelle0 -
Mistyarthur, you should report him to his superior to save more unwary customers.
Mind you that might get him a pat on the back.
John0 -
King_Of_Fools wrote:If you know that the estate will cover all the debts it is worth paying them off as soon as possible rather than just letting them gain interest such that you have more money left over.
Pretty sure in most cases, companies would no longer put any charges/interest onto a debt if someone dies, balance effectively gets frozen0
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