Credit card debt and loan when borrower dies?
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 Sep 8 2012, 10:14 AM
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#1
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Senior Member
1,600 posts Joined: Aug 2011 
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My dad passed away 10 years ago. After his deceased, we received a letter from the bank sue-ing my mother for my father's credit card debt. I tot the debt dies along with the deceased? Apparently, some ppl said so long the deceased has assets where the bank can Take to repay the debt, thet'll do so. In the end we went to court and we lost the case.
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Sep 9 2012, 02:23 AM
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#2
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1,600 posts Joined: Aug 2011
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QUOTE(wodenus @ Sep 8 2012, 07:00 ) Debt doesn't die when a person dies. The bank will subpoena anything that legally belongs to the deceased to pay the debt but they cannot touch anything that is not in his name  If it's in his name, they can take it. If it's not, they can't. |
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Sep 9 2012, 11:52 AM
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#3
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QUOTE(wodenus @ Sep 9 2012, 11:19 AM) Shouldn't bother your mom IMHO. Just liase with whoever is in charge of the funds in the bank or whatever, I'm not sure why they are bothering anyone, they should just make a claim with whoever is current custodian of the funds. Exactly.It's just disrespectful to disturb others during their time of bereavement   Added on September 9, 2012, 11:55 am QUOTE(Skidd Chung @ Sep 9 2012, 11:44 AM) Maybe the mom got some money from the late husband as inheritance or maybe a joint savings account. Since technically the late husband assets still has not been 'divided' among the banks, they can still claim from your mom if she received or shared an account with your late father. IMO. No, they don't have a shared a/c. My father passed away without will. So the house (still paying loan) automatically divided to my mom, my siblings and my grandma. Could it be my mom was a supplementary card holder?This post has been edited by hey_there: Sep 9 2012, 11:55 AM |
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Sep 10 2012, 01:53 PM
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#4
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QUOTE(MakNok @ Sep 10 2012, 09:36 AM) Not complusory???? It is not compulsory. My friend worked with bank in mortgage dept. she says no compulsory but they'll tell customers that's compulsory so that they'll earn extra comm from it.My shared housing with my sister got MRTA/MLTA becoz the bank say it is a must in order to get loan wor.  Added on September 10, 2012, 1:54 pm QUOTE(max_cavalera @ Sep 10 2012, 02:11 AM) for credit card if im not mistaken if your father die....amount should be written off....because you or your family member nvr written any form of guarantor....banks cant do anything to u to....but prolly they will try to chase u or family member a bit for payment.but on legal ground they really have no rights to do so.... I think it is legal, that's y they issue lawyer's letter. We brought the matter to court but we lost. We wouldn't lose if it's not legal and not right.Added on September 10, 2012, 1:56 pm QUOTE(rayng18 @ Sep 10 2012, 09:50 AM) MRTA is optional if you have other insurance coverage which is sufficient to pay off the house loan. Yea, that's what they said. So long the deceased own a property or any assets that they can take to cover the debt, they'll do. And they'll pay u back the balanceAs for the bank recover the debt from the wife, maybe the house belongs to the deceased, so the bank/creditors has the right to collect the debts back and the balance will then be distributed out to the wife. This post has been edited by hey_there: Sep 10 2012, 01:56 PM |
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