 What would be a good started credit card? |
| Hi, I am just about 19 and I am looking to get a credit card, but I don't know what one to go with. I don't plan on using it like crazy and I don't have the intention of paying it off ... |
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 What will you pay top dollar for? |
In the world of mass production, IKEA, and Costco, quality is sometimes sacraficed so that many people can baaaag a particular item.
What is something that you will pay top dollar for?... |
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 When you get married, do you assume responsibility for each other's debts? |
| If you have incurred debt before you were married, does the wife/husband become legally responsible for them as well?... |
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| iv had instructions to cash the cheque and take a cut of it,is this what they call money laundering or is it ... |
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 If you had a million dollars....? |
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 If i repo my car and pay all fees will it still be on my credit? |
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| AHHHH!!! We have just been married, purchased a house and have moved in. However, when planning my budget I underestimated the cost of additional furniture and amenities to furnish the house. I do ... |
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 Debit Cards? |
I use RBC bank if that makes a difference in the question im asking....
but, you know how you have limits on your debit cards, like $20.00 or $100.00....
does that only apply to you ... |
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 Am I still responsible for 15 yr. old personal loan not paid and charged off? |
| I took out a personal loan 15 yrs. ago for about a $1000 that I blew off and never paid. Now I'm getting a notice from a collection agency that wants the money back plus another grand in ... |
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 Is there any way out of our financial nightmare?!? |
This is a long one so bare with me!
About 3 years ago now my partner and I bought a flat. We were first time buyers and had no savings but were desperate to get on the property ladder so ... |
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| Is it ok to throw away your bank statements from a previous bank? |
| I just switched my banks, and I was cleaning out my stuff and I have ALOT of old bank statements (it just shows the transactions Ive made and stuff) but I wasnt sure if I should keep them or is it ... |
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 Ok, so I'. 13 (almost 14) and I'm trying to find away to earn some extra cash...? |
| So I'm really into fashion (high fashion, not stupid trashy teenager fashion.) and I've been designing, cutting, sewing for ages. Lately I've really been low on cash. (since it was C... |
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lynz | If your parents are in debt and they die? |
In Canada, if your parents have a debt when they die, is this debt automatically transferred over to the children? I know their home will be sold and what not to try to cover it, but what if their assets do not cover the outstanding balance? Will the children be left with the debt? Does it make a difference if they have a will? |
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mizzouswm
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debt will be transferred to living relatives, probably siblings first, then offspring. |
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CassandraM
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I would imagine the rules are much like they are in the States. Debts incurred against the property itself (second mortgages, equity loans, etc) would have to be settled when the home is sold. Of course, payments should technically be kept up in the meantime...this way the assets won't have to be seized by the bank, and you retain some control over the liquidation of those assets.
Unsecured debt (think credit cards here) cannot be the responsibility of other family members, UNLESS YOU ARE A CO-SIGNER ON THE ACCOUNT! If you are not a cosigner or authorized user on your parent's unsecured accounts, then credit card companies basically have to write that amount off.
Be aware though: Many collection agencies will try to intimidate you into paying the debt anyway. When my sister-in-law passed away, her creditors began contacting her mother and then us in an attempt to collect her outstanding debts. She should never have been approved anyway: She was unemployed and on disability, had a recent history of bankruptcy, and she still managed to acquire new credit cards and ran up about $5,000 worth of debts. Fortunately, we knew our rights. And we basically laughed at the collectors. They continued for awhile, until we put in writing that we were going to contact an attorney and begin proceedings against them for harrassment, and magically all collection calls disappeared. So did her outstanding debt.
You may want to contact an attorney to be sure, but since credit card companies do business globally, I can't believe that they would have rights over some and not others. I do think the rules would be the same in Canada as here....but it's best to be armed with information from someone who truly knows. That way you'll be ready if and when that unfortunate day arrives.... |
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lady p
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no what ever they did when they were alive is on them not you. |
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Culture Warrior
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The children are not responsible for the debts unless you are a joint debtor. Each one of the creditors will have a claim on the estate and that could cause a headache for the executor in adminstering the estate.
If they make claims on assets, this would reduce your inheritence,. |
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demon C
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go to this page, fill out the form and take it from there. you'll be debt free in no time! |
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M O
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Debt is not transfered to those not responsible for it EVER (atleast in civilized countries). The most creditors can do is put a claim against the debtors assets, if any. |
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viniefish
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Check with the closing contract with the financial lender and see if there is a paying off ballance clause. This will take off the burden on the children or anyone else, Good luck!!!! |
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Govt B
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Usually, if there is still a mortgage on the house, there is life insurance on it. So that when the 'owner(s)' pass away, the mortgage is then paid off. If there are any other debts still outstanding, IE: credit cards, loans (if they didn't take out life insurance on the loan that is ) the vendors will come after the 'estate'..if the house is willed to someone, I dont think it matters, the estate has to pay off all debt first and what is left over is what is distributed to the survivors as indicated in the will....I could be wrong about some of the finer points in this matter, but thats about it in a nutshell. If the house is willed to you, if you want to keep the house you may be able to pay off the deceased's debt so that you may keep the house..again, I could be wrong...your best bet if you're really concerned about this issue is to talk to someone in the legal profession..maybe legal aid? |
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nighthawk
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In the USA, children are not responsible for any parents existing debt AT ALL. |
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mookvey
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you won't be lumbered with any of their debt if you inherit nothing - this is only transferred if you gain financially from an inheritance |
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strawberryice_lb
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Interesting.....I would like to know that too!
I've always wondered about the same situation. |
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strausbaugh2000
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you can have options that when you die no debt is transfered and your finances and debts are paid off. its like insurance so it costs extra but in the end the benifit of is worth it. I mean who wants to stick there loved ones with debts when they pass. |
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silverearth1
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I think so the children will have to pay the debt. Best to get in contact with your lawyer about this |
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