If you die, what happens to..............

[bull996]

...if you have a credit card bill?

I assume it will have to be paid from whatever you leave in your bank account/house etc. But a chap here at work says they are just written off. I reckon that if that was the case, they wouldnt ley anyone old have a credit card!

What say ye?

[AndrewTait]

Its paid out of the estate of the person who died.

I had to pay my grandad's bill out of his estate, as I was one of the executors.

[v8will]

If you are dead I think you'd have more pressing matters...

[Rude-boy]

AndrewTait said:

Its paid out of the estate of the person who died.

I had to pay my grandad's bill out of his estate, as I was one of the executors.

Wat e sud.

If the estate is insolvent then it will most likely be written off however as not many people accept gifts of bankrupt estates and disclaim.

[scirocco265]

anonymous said:

[redacted]

[hyperblue]

scirocco265 said:

anonymous said:

[redacted]

Duly noted!

[minky monkey]

My father had 16k on his cards. Luckily he paid the monthly insurance which paid them all off for us.

[sanf]

bull996 said:

... But a chap here at work says they are just written off. I reckon that if that was the case, they wouldnt ley anyone old have a credit card!

What say ye?

Nope that's not the case. You (well your estate) is still liable for the debt, so it's not written off....However, most companies are very cautious about collecting debt from deceased debtors as it can be a reputational risk. There are a couple of companies in the UK that specialise in this area.

If you are a single account holder, with no assets and no estate, then there isn't a lot that can be done, so they are likely to be written off. If there is any kind of estate to be split across those left behind then the collectors will be on the case.

Edited by sanf on Monday 17th January 01:16

[aceparts]

minky monkey said:

My father had 16k on his cards. Luckily he paid the monthly insurance which paid them all off for us.

Good man, no point being the richest man in the grave yard!

[LeoSayer]

An old friend of mine used to say that if you die owning money then you have made a profit out of life.