Grandparents credit card debt is left, who is liable for that debt? Is there a statue of limitations on that debt in Texas? Should i hold out the amount of the debt from inheratance payable to heirs?
2007-10-01 17:42:21 · 6 answers · asked by Anonymous in Family & Relationships ➔ Family
The Statute of Limitations on credit card debt, in the state of Texas, is 4 years after the date of the last activity on the account.
Most credit card companies will sell the debt to junk debt buyers, AKA Debt Collectors, so they at least recover some of the money. It is sold for pennies on the dollar, then the debt collectors harrass the debtor for the full amount.
In this situation, they will more than likely threaten to take everything that was inheritated to pay the debt, but they really don't have a leg to stand on.
When you start to get their phone calls or letters, don't answer their calls and just send the letters back and write "Deceased" on the envelope.
We went through this when my dad died 8 years ago. We still get phone calls and threatening letters, but we just ignore them.
2007-10-02 02:10:11 · answer #1 · answered by tracy 7 · 0⤊ 0⤋
I'm pretty sure that the credit card company has the right to go after the estate. Debts do have to be paid from an estate before inheritance gets paid out. So it's not that any specific person is necessarily liable for the debt, but the estate would need to settle it.
2007-10-01 17:45:34 · answer #2 · answered by ZCT 7 · 0⤊ 0⤋
Shifting debt around is a bad idea. When you do balance transfers or cash advances on credit cards,, there is a fee of 3% to 5%, depending on the card terms. Interest begins to accrue immediately at the much higher cash advance rate. Your available limit for cash advance/balance transfer is usually much lower than the purchase limit -- half to two-thirds. Check your statement to see if you even have any available cash advance limit. You probably don't have enough available limit to transfer $400. Your debt to limit ratio is based on each card AND overall -- overall being the biggest factor. Both your accounts are carrying balances of more than 30% of the limit. Shifting from one to the other won't help either account. Definitely won't improve your overall. Don't worry about your score. Worry about finding ways to pay off those accounts. Concentrate on the highest interest account -- the faster you pay that off, the less interest it will cost.
2016-04-06 23:48:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Assuming all the probate is already done... I would just play dumb and write "return to sender" on the bills addressed to the grandparents. The credit card companies have probably already made their money many times over.
If you are still going through the probate process in order to liquidate property, you might mention the issue to the lawyers.
2007-10-01 17:49:07 · answer #4 · answered by revsuzanne 7 · 0⤊ 0⤋
Hire a lawyer and find out. Usually its 2 years. But it could be more. A lawyer will tell you.
2007-10-01 17:48:11 · answer #5 · answered by krollohare2 7 · 0⤊ 0⤋
If they have an estate, the person handling it would have to pay. If not send a death cert. to there creditors and forget it.
2007-10-01 17:46:35 · answer #6 · answered by Granny 1 7 · 0⤊ 0⤋