Credit card issues.

[heavyweightchamp]

Ok I need advice and answers to this question, my Grandfather has a total of about 15k credit card debt that I used to do some remodeling of my gym. He's 92 years old and I want to know what happens to the money owed when he dies? He doesnt have an estate to put leins on, he sold it and moved into a care facility and the family split the money up. His next of kin would have been my Father who died 6 years ago. Will I have to pay the money back or will it just go away? Im not looking to cheat the system but only owe about $ 8,500 I personally used. And yes I was an authorized to use his account but didnt have an additional card. Thanks guys!

Someone has to have worked in the industry or know the rules that apply!

 

[BonerBoy]

I know when my dad died, the company advertised it as if the credit card also came with "life insurance" in the amount owed at the time of death.

In other words, part of the agreement is the debt is relieved upon death of the holder of the card.

I'd double check though. Perhaps call the 1-800 number on the back of the card.

 

[Phoenix Rising]

If the debt is in his name only, then he is the one who would have to pay off the debt. When my father passed away, he had some credit card debt and I did not have to pay a cent of it because it was his debt.

 

[bran987]

If the debt is in his name only, then he is the one who would have to pay off the debt. When my father passed away, he had some credit card debt and I did not have to pay a cent of it because it was his debt.

nice first post! I have no idea on this question.

 

[heavyweightchamp]

If the debt is in his name only, then he is the one who would have to pay off the debt. When my father passed away, he had some credit card debt and I did not have to pay a cent of it because it was his debt.

Hers my thing im an additonal card holder and they have my SSN, I checked my credit and it shows up on their.

Should I contact the credit card company or how do I verify some of the charges being mine as oppossed to his?

 

[SC4EVA]

Hmm dunno - while I think you would be ok they do have your social and could perhaps send negative info to credit report

 

[TheValley]

sounds like your in a co-signer to me sounds like they got ya...since they have all your infomation.....why else do they what that info...to find ya....sorry bro....sounds like you might have to be responsilbe for the debt....but check it out...too

 

[heavyweightchamp]

Fuck I figured that! Thanks dudes.

 

[chewyxrage]

damn I'm gonna charge up hella shit before I die

 

[SC4EVA]

If you wanna share the money let me know we can meet up at best buy - lol

 

[lostinfitness]

If they have your information, you are definitely listed on the account. That being said, they have you by your balls. If you do not pay the debt, they will negatively report on your credit report. You definitely don't want that. I work in the mortgage industry, this is an experienced fact based analysis.

Good Luck

Lost

 

[Sartene]

I know the answer to this one.

Did you say your an "authorized user" on his account?

oh,oh!

This means, his payment status along with his account info. is showing up on YOUR credit report!

that means, any late-pays, charge-offs, blah blah, blah, will be reported to your credit file.

even though, its NOT your account. Although creditors will know its not your account, they won't know if its you or not that rang that bill up.

this is actually the old "get instant credit" schemes going around right now.

If you have ZERO credit history, you find someone with 20 years of good credit. have them put your name on their accounts as authorized user. everything postive will be now showing up on your credit history. PRESTO!

the downside... yup, it's reported as "authorized user" accounts. Creditors will know its NOT your account... NOT your excellent payment history!

 

[elvis15767]

i believe that they auction his belongings house, car ect till it's paid off

 

[Sartene]

i believe that they auction his belongings house, car ect till it's paid off

Then, I suggest you have him put his "belongings" house, car ect. into a Irrevocable trust- under a "trust name"