S Slim Registered User Messages 2,701 24 Jan 2006 #1 What is the position regarding credit card debt of several thousand x several cards on the death of the sole cardholder? Slim
What is the position regarding credit card debt of several thousand x several cards on the death of the sole cardholder? Slim
C ClubMan Registered User Messages 49,225 24 Jan 2006 #2 What do the terms & conditions of the credit card agreement say on this matter? I would imagine that the debt passes to the estate/next of kin but I could be wrong and the Ts&Cs should clarify matters.
What do the terms & conditions of the credit card agreement say on this matter? I would imagine that the debt passes to the estate/next of kin but I could be wrong and the Ts&Cs should clarify matters.
M moneyhoney Registered User Messages 516 24 Jan 2006 #3 AFAIK, credit card debt would be paid off by assets in the deceased's estate. If person dies with no assets, then debts cannot be enforced against a family member as they are unsecured. Except if a family member has acted as guarantor.
AFAIK, credit card debt would be paid off by assets in the deceased's estate. If person dies with no assets, then debts cannot be enforced against a family member as they are unsecured. Except if a family member has acted as guarantor.
S Slim Registered User Messages 2,701 26 Jan 2006 #4 Thanks for the replies. A friend has suggested that CCs include a sort of life assurance. I have never heard of this. Have you? Slim
Thanks for the replies. A friend has suggested that CCs include a sort of life assurance. I have never heard of this. Have you? Slim
M moneyhoney Registered User Messages 516 26 Jan 2006 #5 I know some ccs have payment protection insurance - insurance that clears the balance if you die I have not come across yet. In any case, since it's unsecured debt & dies with you, why bother???
I know some ccs have payment protection insurance - insurance that clears the balance if you die I have not come across yet. In any case, since it's unsecured debt & dies with you, why bother???