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Renuka Pandurangi | If a credit card holder dies in a sudden accident, then is the family responsible to pay off the dues ? |
The card is an insurred card and the premium was being paid regularly. Inspite of furnishing all necessary notarised documents, neither do the banks nor does the insurance company is working on it.
What steps should be taken in such cases? |
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Doing the Right Thing
|
If a credit card holder dies, then no one in the family will have to pay for it. The credit card company will find some way to pay off the balance. They usually go after the holder's estate and they get paid first before family members.
In some cases, the credit card holder may have a joint account. Such as a husband and wife sharing the same credit card. Then the joint holder will be responsible for paying off the balance. |
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MoniqueLise
|
I suspect that the bank can come after the person's estate for the money, but cannot come after family members. Whoever is the executor for the estate (sometimes a lawyer, but it could be another person appointed in the will) should handle this.
If the person died without a will, then things might become more complicated, but still -- the debt is owed by the estate and not by the family of the person, unless the credit card was a "joint" card with another family member. In that case, there could be some liability.
Always read the fine print on any insurance. I hear more and more cases of insurance claims being denied -- of all kinds. If you know your rights, then it is easier to fight when a problem comes up. |
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mbrcatz
 |
The family is NOT responsible, but the estate of the credit card holder IS. Whoever is handling the estate should be selling the things purchased, and looking at all OTHER assets, to pay off this card, until all assets of the estate are liquidated.
The executor of the estate should be handling this.
Regarding the insurance on the credit card, they should be able to tell you what the holdup is - once they get the death certificate, it's pretty cut and dried.
You can file a complaint with your state insurance department. |
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tomkat1528
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should refer the question to the lawyer handling the estate
the estate probably has to pay
the card's 'insurance' probably relates to unemployment |
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sity.cent
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They will try to convince the family that they are responsible, you are not. For example, I have a friend who was divorced 7 years ago, her ex died 3 years ago. They have been bullying her since his death to pay his debts, trying to convince her that she is somehow responsible that's bull****. |
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Yankee Killer
 |
No. I wouldn't pay off any of my family's debt. |
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Professional *****
|
Check out what type of insurance the card holder had, then take it to the lawyer who is handling the estate, or get whoever is looking after the will to take it to the estate lawyer. |
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081
 |
Legally speaking, it all depends on what the "fine print" states. The card holder had to sign that agreement before the card was issued.
If the card holder signed up for a plan stating that if in death, the bank will pay off the debt, then you're not liable. If the TOS doesn't state that the issuer will pay the debt off, then yes, the bank can very well come after you.
Read every bit of fine print there is. If you still feel as though the case is being handled correctly, then contact the head manager of the card's branch.
If all else fails, you may need to seek a lawyer, but then you'd have to consider the amount of debt on the card versus lawyer fees... it may end up cheaper to just bite the bullet and pay off the card.
One last note: Even though I'm all for keeping a clean credit score... if the card holder has indeed died and they are the ONLY person listed on that card (in other words only their credit will be effected), then letting the collection agency come after them isn't going to harm you or anyone else. The person has died and obviously cannot pay the debt.
In the end, just go back over the TOS provided by the bank. |
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