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    • Enilette
    • By Enilette 8th Nov 17, 3:15 PM
    • 2Posts
    • 0Thanks
    Pay off debt before starting to save
    • #1
    • 8th Nov 17, 3:15 PM
    Pay off debt before starting to save 8th Nov 17 at 3:15 PM
    I have about 10K savings not earmarked for anything other than the occasional holiday.
    6 years ago I was in a lot of debt. I sold my house and downsized so that I could pay everyone off.
    I took advice and left 2 credit card debts (about 4K each) till the last. I still have not paid them off. I've been waiting all this time for the credit card companies to take me to court so that the court can determine a monthly payment. I've had a standing order to each credit card company for 1 per month for about 8 years.
    They write to me occasionally offering an early final payment of about 2k each as a one and only payment to finish it once and for all.
    Doing the sums, I think I'm better off just carrying on paying the 1 per month to each. BUT, I'm wondering what will happen on my death. I'm 66. Will the credit card companies demand the original amount of the debts from my estate before I can leave it to my descendants?
Page 1
    • sourcrates
    • By sourcrates 8th Nov 17, 5:53 PM
    • 14,570 Posts
    • 13,709 Thanks
    • #2
    • 8th Nov 17, 5:53 PM
    • #2
    • 8th Nov 17, 5:53 PM

    Ive moved your post as you had tagged onto a 5 year old thread.

    In answer to your question, after death, unsecured debts are the last thing to be repaid from the deceased`s estate, if there is not enough money in the estate to cover the debts, the creditor will be forced to write them off.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to Any views are mine and not the official line of

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
    For Free Legal advice see :
    • Enilette
    • By Enilette 10th Nov 17, 2:42 PM
    • 2 Posts
    • 0 Thanks
    • #3
    • 10th Nov 17, 2:42 PM
    • #3
    • 10th Nov 17, 2:42 PM
    I think there will be enough in the estate. I'm asking whether it would be better for me to clear the debt now at about 2K or to wait till my descendants have to pay it out of my estate. Would they have to pay the original sum of 4K or would they get the same offer of clearing it with 2K only?
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