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Additional Details
FI... |
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Additional Details
Sorry, i ... |
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Felicia S | As an additional cardholder on a credit card can take over the debt of the card if cardholder dies? |
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James
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NO!
There is no such thing as a joint credit card account, one person and one person only has to be responsible for the debt, and that person is the one who opened the account and signed the credit agreement.
An additional card will be provided to anyone on request but the account holder (the person who opened the account and signed the agreement) is wholly responsible for the debt. When the main card holder dies the account will be closed and they will attempt to recover the money from the estate, but there is a specific order that debts have to be paid out to and credit cards are quite a way down the list so if there is not sufficient money in the estate (this includes property, which may have to be sold) then the debt dies with them.
This is the fact of the matter, many people think they have a joint credit card account but they don't, there is no such thing in this country, and if an additional cardholder rings up to ask a question about a credit card account without the principal cardholder's express WRITTEN consent then the company will be unable to provide any information to them whatsoever. |
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kena2mi
 |
No, unless it's a "joint account", an additional cardholder has no legal obligation to repay a debt because they've signed no legal contract, or a legal right to use it if there's no longer a legal cardholder. Otherwise, you could add your ex to the card and go jump off a bridge. If the additional cardholder continues to use it after the cardholder dies, they've committed a crime and can go to jail for it! And/or be ordered to pay restitution and collection costs. |
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J.R.
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Depends. Did you sign a contract, or were you simply provided a card with your name on it? If you signed, you are in for the debt. If not, you are OK, but the estate must pay the bill.
BTW, if you make charges AFTER the death, you will likely be liable for those, either way. |
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hah
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Felicia...it depends, both of my kids have crdit cards with their names on them but they are from my account, the bill comes to me...no they could not be held responsible for the balance in the event of my death, because it is my account....i am not sure if that is what you meant but if it is all from one acct. the one whos account it is is the only one who owes, or if they die, their estate. |
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my avatar's hot!
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If you have simply a courtesy card the debt is not your obligation once the account holder passes away, the cc company would have to pursue restitution through the estate. If you have a joint account where both of you are on the account with your social security numbers and both of you signed the credit application, it becomes your obligation.
If they pass away and you continue to put charges on it with your card knowing the account should have been closed, you would be legally liable for the new charges, that would be considered fraudulent use of the account.
If you run a credit report on yourself, that account should not show up on your credit report if you simply have an additional card. That's because it is not your financial obligation. |
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Sky
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Yeah that's what happens, so if he's a terminal case, hold on to the card |
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john r
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yes and do not let the other person run it up while they are alive ethier, you will be jiontly responsible for paying back if one defaults. |
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wanninonni
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Bet your booty |
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Pregnant w/ baby #1 due 7/31/09
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If you read the cardholder agreement, I'm sure it tells you flat out that if you are an additional cardholder, you are responsible for all the debt if the other cardholder dies. |
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rossiscool2001
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who bloody cares????? i just wish YAHOO ANSWER would just buzz off.
such a nuisance site!!!!!!!!!!!!yawn!!!!!!! |
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Over It
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yes, for sure, unless you file for bankrupcy. |
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Ben
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Yes. And that is a 100%. |
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ANN F
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not a case of can take over debt you will be liable for the debt |
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