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$3,000 in credit card debt (1 viewing) (1) Guest
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TOPIC: $3,000 in credit card debt
#7226
Francis (User)
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$3,000 in credit card debt 7 Years, 4 Months ago Karma: 0  
I have an uncle that passed away about 1 month ago. He had about $3,000 of various credit card debt.

I have been getting conflicting advice. My uncle died with some money, but not a ton. I would like to know what obligation his estate has to repay the money and wether the credit card company can come after us for our inheritance.
 
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#7247
GelRon (User)
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Re:$3,000 in credit card debt 7 Years, 4 Months ago Karma: 0  
Credit card companies will simply transfer the matter to a collections company. I would just call to negotiate a settlement. Chances are for such a small abount they will take a fractional settlement, espectially if there is no probate estate or if there were few assets at death. Dont forget that the credit card company is an unsecured creditor.
 
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jano (Moderator)
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Re:$3,000 in credit card debt 7 Years, 3 Months ago Karma: 0  
Option #2: Check the local probate statutes. For states that follow the Uniform Probate Code, once the Personal Representative publishes notice of death, creditors have a limited amount of time to come forward to make a claim against an estate. If they dont come forward within the statutory permitted time, they they will be barred from making a claim. So, if you are working on a settlement with the credit card company and if they do not make a claim after notice of death is published, then they may be precluded from making a claim.
 
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#7288
William (User)
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Re:$3,000 in credit card debt 7 Years, 3 Months ago Karma: 0  
Even though credit card debt is unsecured, the credit card companies sell the debt to law firms and the law firms muscle debtors into paying something. I recommend working out a settlement before a law firm comes after you.
 
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