Can the credit card company/ Do the credit card companies then come after your "next of kin"? How do they decide who? Or does your debt die with you and is chalked up to a poor credit decision on their part?
2007-11-08 17:41:04 · 5 answers · asked by maim199 1 in Business & Finance ➔ Credit
Is it just they have first claim on your estate?
2007-11-08 17:42:05 · update #1
Credit cards offer life insurance for this .
If you signed up for it, all your next of kin has to do is send the credit card co a copy ofthe death certificated, and the debt is paid off by the ins co.
If you don't have it, it then becomes a claim against the estate.
A sidenote here. If for some reason, you all of a sudden make carges in the thousands, often the card co will assume it is stolen and cancel the card.--to protect you and the card issuer.
2007-11-08 17:50:00 · answer #1 · answered by TedEx 7 · 0⤊ 0⤋
They can only go after relatives if their name was also on the card.. They can not attach life insurance. It is "unsecured" debt. P.S. some of the companies will try to get a spouse or others to pay even though they know that they have no legal claim.
2007-11-09 01:50:22 · answer #2 · answered by the_buccaru 5 · 0⤊ 0⤋
I would think it would be dealt with through your estate. They cannot come after your next of kin as they are not listed as a card holder..so if your the only one on the card then it's only you no one else responsible.
2007-11-09 01:45:25 · answer #3 · answered by Anonymous · 0⤊ 0⤋
They file a claim on your estate. All debts are paid before the heirs get any money.
2007-11-09 01:45:16 · answer #4 · answered by bhappy 4 · 2⤊ 0⤋
yea u have to run an ad ad being the hier of an estate, i became the hier to my dads estate this year and so far about 7 grand worth of bills have come to me
2007-11-09 01:50:18 · answer #5 · answered by the_real_eaglesfan03 3 · 0⤊ 0⤋