Payment of debts after death of wife

Stair_2

My wife died a couple of months ago and I will shortly have collected all the money owing to her estate.

My wife had two credit cards with different banks. There is sufficient money in the estate to completely pay off one of the cards, but not the other.

My options seem to be as follows - grateful if anyone can offer advice on the most appropriate course of action:

(a) I can completely pay off one credit card and tell the other credit card company that there are insufficient funds to pay them; or

(b) I can apportion the funds fairly across the two debts and explain to each credit card company that there are insufficient funds to completely pay off the debts.

I should point out that I haven't gone to Probate, simply because so far I haven't needed to. Would the banks take my word for it when I explain I cannot pay off all the debt? Also, if I were to go for option (a) above (completely paying off one card), could the other bank say they had a greater right to the money?

I quite like option (a) as I would then only be dealing with one bank after I'd paid off the first.

Grateful for advice/comments.

jonesMUFCforever

I think option B is your best option.
A pro rata payment is fair to both sides.Legally IMO you are also on a much firmer legal ground by doing this and not giving more to one credit card company than the other.
You can write and advise them of this - unless the debt is for many thousands they should take your word about the financial circumstances of your late wife's estate.

My condolences.

CLAPTON

Could you say how much the debts are and what is the value of her estate.
Were you joint owners of a house?

Stair_2

Thanks for the quick responses folks.

After payment of the funeral expenses, there is around £6,000 left in the estate. The two credit card debts are roughly £5,000 on each card (total £10,000).

We didn't own a house, we rented.