What happens when you die but your still in debt to your credit card?

just wondering.

What happens when you die but your still in debt to your credit card?

Only to the inheritor if the deceased has a %26quot;WILL%26quot;. If there is no %26quot;WILL%26quot; it will be write-off.

What happens when you die but your still in debt to your credit card?

insurance covers lt

What happens when you die but your still in debt to your credit card?

It gets shipped onto the laps of your closest (in relation, like brother or sister) surviving relatives.

What happens when you die but your still in debt to your credit card?

If the account is not joint, the credit card company will send the account to the Collections Department after so many months of non-payment.

That department will:

(a) mail dunning notices to the address on file at specified intervals;

(b) call the home of the deceased in an to attempt to contact to the cardholder and set up a payment arrangement;

(c) place a credit hold on the account as a result of the delinquency; and

(d) report the delinquency to the credit bureaus.

If still unsuccessful, the Collections Department will write-off the debt and ultimately send the account to a 3rd party collection agency or a lawyer in an to attempt to collect the debt.

By the way, if the credit card company does not receive information that the cardholder is deceased, then they don%26#039;t know to go to probate court to file a claim! The Executor of the decedent%26#039;s estate must contact the credit card company to tell them to file their claim.

Now you know and knowing is half the battle.

What happens when you die but your still in debt to your credit card?

this recently happened to someone very close to me.. if its not a joint account the cc company loses the money and will eventually charge off the debt... otherwise the joint accountholder is responsible...

if the person has an estate , any accounts need to be paid

from that.. not necessarily the insurance policy.. but savings and investments funds...

What happens when you die but your still in debt to your credit card?

It goes to your next of kin. If you are married, it goes to your spouse, for instance.

You can inherit debt just like you can inherit wealth.

What happens when you die but your still in debt to your credit card?

This happened to a friend of mine. His wealthy father had a super duper platinum visa and he was terminally ill with six months to live. So his father traveled and when he died owed $135,000.00. My friend stated that the card company called and said usually the executer of the will would typically pay the debt with any other assets. My friend said well find someone else in the family to pay it (which did not happen). So..... the credit card company wrote off the debt.

What happens when you die but your still in debt to your credit card?

Cheez! What a lot of inaccurate info is posted here!!

What happens when you die but your still in debt to your credit card?

The debt is paid out of estate. If you don%26#039;t have one, unless you have a spouse that is also on the card, they have no one else they can make legally responsible for your debt.