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alsfnmeup | If your name is the only name on credit card if you die does the credit company take the loss? |
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 |
 
jjjjjjjjj
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No. As with any acquired debt an attempt to collect it elsewhere is always made. Only if that fails do they take the loss. |
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Enigma
 |
If you live in a non-community property state and you did not have an estate or liquidable assets.
it boils down to the size of the debt and how much money you are worth when you are gone.
If you own nothing and even if you are married in a community property state and have nothing, worse thing that can happen is a charge off on the spouse's credit report. They can sue for it, but cannot throw you in jail to collect on it. There is no debtor's prison.
So your answer would be yes the company takes the initial loss. However, they recover the funds through a process involving collectors and buyers and FDIC. Long story short, the cost is passed along to the consumer in the GNP (Gross Nat. Product). This is a contributing reason why inflation happens and things are expensive.
You really need to research state laws on credit.
Then you will know the real meaning of the 'Mini-Miranda', "This is an attempt to collect a debt, any information obtained, will be used for that purpose."
You can get more info from FTC, your state and various community sites. |
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amaya7
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only if you have no assets |
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sophieb
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when you pass you most likely will have some assets. The assets are sold by whoever you name in your will, and then they pay your bills for you. If you don't have assets then yes the credit card company marks their file and charges off the balance owed. |
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jonni_hayes
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not always, you can send them a death certificate (so they know) but usually they can file a claim against the estate and the heirs that lose out, any one that files a claim against and estate will be reviewed for it's legitimacy and more than likely paid... |
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shiprepairwoman
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Your estate pays your bills, if you have no assets nobody pays your debts. |
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iceman
 |
It would get taken out of your estate ( if infact you are leaving any assets behind.
Any kind of asset....life insurance, land or home profit, cars, anything... would first be used to pay off the debts you owe. |
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supermom
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In most states when someone dies a notice must be sent to all their debtors. The debtors then have a certain amount of time to file a claim against the estate. If they do not then they get nothing. If they do and the claim is legitimate they can get money out of what is in the persons estate when they die. If there is only the deceased name on the credit card and there are no assets in the estate at all then the company may have to take a loss. They can't go after other people in the family to pay the debt if they are not signers on the card. They can only be paid from the estate and outstanding debts are paid before monies go to beneficiaries. Hope that helps! |
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Lucianna
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They'll start billing your estate for the money. Or they can expect your spouse to pay it. |
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dual_reality2
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No they will send the bill to the relative/s for payment from the estate. |
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