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Losing a loved one is definitely a time of high stress and confusion. Many problems that arise are somewhat expected: a mountain of credit card debt typically catches grieving members of the family by surprise and with no slightest clue concerning how to handle creditors. Drop Debt Coach, Harvey Z. Warren states that even he was bewildered by this question.
Recently, a buddy of his lost his father, let's call him up Edward, unexpectedly at 67. After reviewing his father's affairs with his sister they faced a big surprise - twenty-one charge cards with an outstanding balance of just over $110,000. The friend called Harvey set for some hands-on assistance to clean up Edward's mess and set a stop towards the inevitable deluge of collection calls.
His first question was, "Are we responsible for Dad's debt?"
Surprisingly, the reply is, "Maybe yes, maybe no."
Because the author of Drop Debt, Surviving Credit Card Hell Without Bankruptcy, you may figure Harvey would have a far more definite answer. In truth, until then, he had only helped live clients. What he learned is intriguing and essential for families member to know should they ever face similar unfortunate circumstances.
The surviving children as well as their mother carefully gathered all of their father's recent statements and the credit history. Point about this information was handy because Edward had read Harvey's book and knew that an organized, transparent and courteous approach to creditors will frequently enable you to get what you would like. Their father had desired to settle all his debts without bankruptcy. Edward's sudden illness put a stop to his effort, but not a stop to his plan.
Ironically, at the time Harvey sat down with the family to help make the calls, it would have been Edward's 68th birthday. They were nervous, dreading harsh positions in the creditors. Following a five-hour marathon calling session several clear facts emerged:
Creditors are very courteous and careful with bereaved family members. Creditors have particular programs to solve debts of deceased customers. Resolutions can be accomplished rapidly knowing things to request.
With twenty-one cards, Edward were built with a balance with just about every major credit card issuer. All of them were respectful and offered condolences.
After a couple of calls they remarked that the next script was all that was necessary to get the resolution started, "We are calling about a credit card holder who died a week ago. Can you please transfer us to the correct representative?"
Before giving the name and account number of the deceased, they were transferred to either the "probate" or "estate" department. Several of the banks immediately disclosed that neither Edward's wife nor his children were responsible for the invoices because they weren't signers around the cards.
If the deceased may be the just one authorized to sign on the credit card, members of the family have no obligation to pay your debt.
Why banks have estate and probate departments is they may - and Harvey emphasizes may - pursue the estate from the deceased to recuperate the outstanding balance or some portion of it.
Edward had been ill for many months and every one of his cards were delinquent coupled with incurred interest and penalty charges. All those charges were voluntarily reversed "in case" the probate or estate departments were inclined to try and collect the balances. Banks were informed that there wasn't any "estate" for them to lien or attach. They informed the children there were some formalities covered in bereavement letters sent to Edward's last known billing address. They asked the kids to complete and return the forms, suggesting that this may likely conclude the problem and shut Edward's files.
The collection business is sometimes an imprecise science. Harvey requested that each of the card providers give a letter of full discharge for the children to set up their files. Chances are that, with twenty-one cards, at some point in the long run, your debt is going to be accidentally sold to a third-party collector which will try to collect. Sending the entire discharge letter is the simplest and fastest method to stop that improper activity.
One last note: be sure you say the following words, "Out of respect for that privacy from the family, would you please immediately cease all collection activity and turn from the dialers to prevent the gathering calls." The very last thing a family in mourning needs is to answer collection calls on a credit card debt which will never be due.
