Would the debt be passed on to you or would the credit card company take money from the deceased persons savings?
2007-02-12 03:34:55 · 8 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
The debt is that of the individual who has the credit card account and nothing to do with you. Some card companies 'write-off' the debt when a cardholder dies. Either way it will come out of any monies in the debtors estate.
2007-02-12 03:40:12 · answer #1 · answered by Anonymous · 2⤊ 0⤋
As previous persons have said it depends on the situation, if you are a joint with the deceased then tough, however, then it is also likely everything else is joint, so then the estate in the UK is also yours. If you are only a card holder, and this can be ascertained from the bill, as it will say Mr and Mrs or Joe Bloggs and Cyril Squirrel if the account is joint, and only Mrs, or Cyril Squirrel for example if not, then you are not liable.
The card company does however have an automatic "lean" on the deceased's estate, so in the event that say the house is joint, whilst you may take over the other part of the house you are again liable for the debt irrespective of if no monies are available to service aforesaid debt.
Note though that you cannot be evicted from the property to pay the debt and I believe, but am not certain, that interest is not chargeable. Again though it probably depends on circumstances.
The answer is before you snuff it do some sort of investment portfolio to block the potential quagmire.
2007-02-12 03:55:05 · answer #2 · answered by rinfrance 4 · 0⤊ 0⤋
The debt should pass to the deceased person's estate. I think the card would then be of no use to you as it was issued to the dead person and you are just a second name.
2007-02-12 03:40:31 · answer #3 · answered by Anonymous · 1⤊ 0⤋
as above
if it is an additional card on the deceased person account, they will take it from his estate, unless he took out insurance.
if it is a joint account then the debt is now yours alone.
2007-02-12 03:40:27 · answer #4 · answered by alatoruk 5 · 0⤊ 0⤋
If you signed the application the debt goes to you . If the cardholder is the only one tha signed the application the debt owed will come from his/her estate
2007-02-12 03:38:22 · answer #5 · answered by Anonymous · 2⤊ 0⤋
the debt stays with the main card holder and is normaly recovered from the deceased's estate
2007-02-12 03:47:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
No, except that's a "joint account", one greater cardholder has no criminal criminal accountability to pay off a debt via fact they have signed no criminal settlement, or a criminal appropriate to apply it if there is now no longer a criminal cardholder. in any different case, you would be able to desire to upload your ex to the cardboard and circulate leap off a bridge. If the added cardholder maintains to apply it after the cardholder dies, they have committed against the regulation and would circulate to penitentiary for it! And/or be ordered to pay restitution and sequence expenditures.
2016-11-03 05:59:58 · answer #7 · answered by ? 4 · 0⤊ 0⤋
You have equal responsiblity for the whole debt.
If you cannot persuade the other persons estate to contribute from thier estate then its down to you.
2007-02-12 03:47:51 · answer #8 · answered by Michael H 7 · 0⤊ 1⤋