Balances on deceased persons??

Discussion in 'Credit Talk' started by hanue, Sep 24, 2002.

  1. hanue

    hanue New Member

    Glad I found this place!
    Capital One Mastercard is attempting to collect a 12,000.00 balance from us, the children of the deceased owner of the card. I thought consumer debt wasn't transferrable to family when the subscriber was dead.

    This is all happening in NY. Does anyone know what the law specifically says on this matter? Can you point me to the FTC statute I can quote back to Capital One and tell them to buzz off?

    Thanks!
    Hanue Johnson
     
  2. breeze

    breeze Well-Known Member

    Just send them a copy of the death certificate. If there is an estate, they can file a claim against it, but they will have to get in line behind any secured debts.
     
  3. rabbit

    rabbit Active Member

    You are not responsible in any way. But, that doesn't stop them from trying, and they will. They want you to "honor" the memory of the person. Or, don't you think this is what "dad" would have wanted you to do?

    Bottom line is that some people who borrow money will die and the creditor will have to eat the loss. It is a cost of doing business. Just don't let them sucker you into paying.

    The only way I can see them getting anything from you is if the deceased transferred property to you just before death, or as part of the estate. That could be seen as hiding assets from a legitimate credtitor. But, they would have to sue.

    Be firm and make sure they understand they are not to contact you again.
     
  4. hanue

    hanue New Member

    wills & estates

    Thanks for your inputs so far!
    Dad has a will that says his company will be sold and divided equally among the siblings. Now to be honest, I don't think we could sell the company, it's in p*ss poor shape and not much in assets worth buying. As for his personal assets he was well in the red.

    I am confused about the lines between a company and personal assets. If he has personal consumer debt, can those creditor get in line with his business creditors when his company is liquidated? I thought they were separate.

    If so, whatever profit we could manage out of the sale of his business and property would be eaten up by business debts and then his personal debts?

    I hope the copy of the death certificate will be enough to have them write it off. We don't have the time to argue a case and lawyer up for this.

    Would like to know if personal debts can be attached to his business funds.
     
  5. jonesing

    jonesing Well-Known Member

    Re: wills & estates

    yep, you definitely need an attorney on this one to be safe. However, when we found this mysterious MBNA statement, we called and told them of the death. The rep expressed her sympathies and closed out the account on the spot. In other cases, we sent a copy of the death cert along with the payment stub and never heard back from anyone.
     
  6. GEORGE

    GEORGE Well-Known Member

    Re: wills & estates

    KEY WORD----->UNSECURED CREDIT.
     
  7. jlynn

    jlynn Well-Known Member

    Re: wills & estates

    I just got a call the other day from a CA on an account of my deceased father. My sis-in-law had given me the heads up because they called her first and weren't very nice. Actually had quite a bit of fun with them:

    They wanted the DC and Administratrix papers.
    "The OC should probably have them"

    Whom should we address these bills too.
    "The Estate of Mr. Deceased"

    What is your name?
    "The daughter of Mr. Deceased"

    We have a great settlement offer for you.
    "Great, mail it to the estate and I will submit it thru the court for their approval."

    What number can we call you at?
    "You can send statements/claims, etc. to the Estates mailing address"

    We can't call you?
    Nope

    Well, that will really delay things.
    "I don't believe Mr. Deceased is in a hurry...in fact he has all the time in the world"

    Ummmm...ok.......thank you.
     

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