if i die owing money on a credit card dose my death with me?

Question

i am thinking of applying for a vise card is it a good idea

Answer 1

Your debts do not die with you, your family inherits the debt. IF you are married, your spouse will still owe the bill. IF you are not married, your estate will owe it, which basically means they will take it out of any kind of insurance/death benefits you plan on leaving for your loved ones.

Answer 2

The answer is if you die owing any unsecured debt (not secured on property) the debt dies with you. Although the company cannot claim payment from your partner/spouse etc they can and often do claim from your estate which means your share of the house.

If you have a card its worth getting the insurance as this means the debt will be totally cleared in the event of your death. It also means that you can claim payments if ill or unemployed for a length of time.

Of course the insurance is expensive but thats why.

If you can manage without a credit card I would suggest never touching them with a barge pole. We have two and a personal loan and my partner has just been diagnosed with cancer. We have insurance on one card which we can claim and the insurance on the loan is worthless as it turns out not to cover us for illness.

Read the small print. Try never to spend unless absolutely necessary and above all NEVER pay only the minimum payment.

Best of luck
x

Answer 3

It depends.
If you take out the payment protection insurance, AND it covers outstanding amounts at death, AND you are within the age bracket it specifies in the policy, then yes, the insurance will repay your debt.
If you don't take out the insurance, or none of the above applies, then you may be lucky and the company will be decent about it and write off the debt.
If you are not lucky, the credit card company/bank will chase your relatives for the money.
Generally, they will chase whoever you benefit in your will.

I can speak from experience cos my dad died four years ago with several outstanding credit cards. The ones that were insured were no problem. The one that wasn't insured were kind enough to write off the debt.
However, Nat West bank (dad's overdraft) chased my widowed mother to repay his overdraft out of the small amount of money she received in his will.

Answer 4

having dealt with a matter that you are asking,the simple answer take the insurance as it covers ill health,redundency,death it costs approx 78 pence £100 outstanding,the amount owing a credit card can be persude from any assets that you have wether be a car,boat,jet ski any thing can be auction to recover the money ,my late father in law did not beleive in insurances and left his wife to pay of debts,thats how i know they can take anything you have to recover the debt.take the insurance you never know when you might be hospitlised and again you can claim and they normally pay between 3% &10% off your balance at the time of your claim untill you return to work,in some cases the balance is payed off and then you wait again untill what ever happens.

Answer 5

If you have any assets left when you die,your debts will be paid off using money from those.Unless you get your death covered on the card insurance.

Answer 6

Bugger it.. If you are old aged and the years are thinning for you, borrow as much as you can, then live every day like its your last and die happy.. God Bless Ya

Answer 7

sometimes yes and sometimes no. if there is an estate or something in a will they can take the amoutn out of the assets.

Answer 8

If your name is the only one on the card and you die then the debt is done. finished , dead, deader than door nail..

Answer 9

Get the card & have fun.They cannot get you when your dead.

Answer 10

only if you can afford to.dont kill yourself to pay it of though.