My Late Father's Credit Cards...

spice1000

Looking for some advice if poss.

My father passed away last Februrary. He did not have a will. He left a house which I have put into my name and taken on a large mortgage. He also left considerable credit card balances, up to about £25,000. As there is no liquidity left in the estate, am I ok to fill in the credit card companys assets and liabilities form as the estate stands now - ie, with only a 2k van and about £300 bank assets? I have no other means by which to pay them from out of the estate.

Thanks for any help.
Spice.

skyrider007

I'm sorry to hear your loss. The best thing to do is discuss this with your solicitor or the bank.

Best wishes

spice1000

Thanks. I spoke on here about it a while ago and received some helpful replies. I suppose the main point is that the house is in my name now and there is v little left in the estate. Can I legally put 0 on the assets for property as it was sold some while ago.

jonesMUFCforever

spice1000 wrote: »

Looking for some advice if poss.

My father passed away last Februrary. He did not have a will. He left a house which I have put into my name and taken on a large mortgage. He also left considerable credit card balances, up to about £25,000. As there is no liquidity left in the estate, am I ok to fill in the credit card companys assets and liabilities form as the estate stands now - ie, with only a 2k van and about £300 bank assets? I have no other means by which to pay them from out of the estate.

Thanks for any help.
Spice.

The house formed part of his estate.
If the equity in the house allows for repayment of the cards then they may expect repayment.
I agree that you should get legal advice before completing the asset return.

Neillgb

Well of course the 'right' thing would have been to have all your fathers assets sold, to include house, leaving cash to deal with all estate debts. It seems this would have left you nothing. Notices should have been put in local papers giving creditors the opportunity to register an interest in the estate.

Credit card debt is unsecured, but in view of the rather large amount I , if i were the credit card company, would be interested in the timing of the transfer of the property into your name, if the transfer was after the date of death i would certainly seek good legal advice. If before I would probably take legal advice for peace of mind

battyboimatt

Isnt the house still classed as part of the estate, even though you have changed names etc on it, I would check that out as well just in case

minimike2

Im pretty sure the card companies will fight tooth and nail to get the cash. It sounds from your workding like the house was transfered into your name after his death? Which means it was part of the estate. Whilst it was not security, it still formed past of the overall value of the estate. You definately need to seek legal advice.

neverdespairgirl

Who owned the house at the time of your father's death?

Neillgb

neverdespairgirl wrote: »

Who owned the house at the time of your father's death?

Hmmmmm......gone a bit quiet!

bengal-stripe

Neillgb wrote: »

Hmmmmm......gone a bit quiet!

The OP got that same information some six months ago..............and went quiet then!
http://forums.moneysavingexpert.com/showthread.html?t=549369

Neillgb

bengal-stripe wrote: »

The OP got that same information some six months ago..............and went quiet then!
http://forums.moneysavingexpert.com/showthread.html?t=549369

Yes, a bit naughty really. Not a great fan of banks/credit cards but a debt is a debt. Might be that CC are chasing in view of time between the 2 threads.

Bottom line.....they should pay up.