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What does a credit card company do..............
Posted on 2/19/09 at 9:07 pm
Posted on 2/19/09 at 9:07 pm
when an old lady who owes them 15000 dies. Do they just write it off or try to collect from the people she leaves her stuff to?
4
Posted on 2/19/09 at 9:23 pm to TBubba
Move it to Held-to-Maturity and keep it at 15,000 indefinitely.
...kidding. They probably file a lien against her estate then write off the difference of what they collect.
...kidding. They probably file a lien against her estate then write off the difference of what they collect.
Posted on 2/19/09 at 9:24 pm to TBubba
I'm pretty sure they try to collect from the heirs.
Posted on 2/19/09 at 9:36 pm to TBubba
--------------------------------------------------------------------------------
They might try to collect, but they can't in most cases...so don't listen, tell em to go hump air.
quote:
when an old lady who owes them 15000 dies. Do they just write it off or try to collect from the people she leaves her stuff to?
They might try to collect, but they can't in most cases...so don't listen, tell em to go hump air.
Posted on 2/19/09 at 9:40 pm to dawgorama
quote:
They might try to collect, but they can't in most cases...so don't listen, tell em to go hump air.
what he said.
They could file a lawsuit, and frick up probate. But the trick is not to tell them she died. They won't know unless you tell them.
Posted on 2/19/09 at 9:47 pm to MileHigh
I would think if you did that, and took the proceeds from the estate, and they then found out she had died and went to claim their debts, they could pursue damages against the heirs, especially in the event that they could prove intent to deceive.
Posted on 2/19/09 at 9:50 pm to MileHigh
Debt of her estate.
If they find out, they will file a claim against it to be include in the probate process.
If they find out, they will file a claim against it to be include in the probate process.
Posted on 2/19/09 at 9:58 pm to MileHigh
quote:
They could file a lawsuit, and frick up probate. But the trick is not to tell them she died. They won't know unless you tell them.
I was thinking..string em out for 6 months..do pay em shite..offer them 50 cents on the dollar..
Posted on 2/20/09 at 7:59 am to kfizzle85
quote:
I would think if you did that, and took the proceeds from the estate, and they then found out she had died and went to claim their debts, they could pursue damages against the heirs, especially in the event that they could prove intent to deceive.
you could claim ignorance. And $15,000 isn't that much money. They would probably ignore it.
Posted on 2/20/09 at 8:02 am to kfizzle85
quote:
I would think if you did that, and took the proceeds from the estate, and they then found out she had died and went to claim their debts, they could pursue damages against the heirs, especially in the event that they could prove intent to deceive.
Plus criminal charges for fraud...
Posted on 2/20/09 at 11:47 am to TBubba
Do the right thing and pay them their $15k before dispersing her assets to her heirs.
How is that kind of greed and different than the Madoff/Stanford type of greed? Or people defaulting on their overpriced houses?
How is that kind of greed and different than the Madoff/Stanford type of greed? Or people defaulting on their overpriced houses?
Posted on 2/20/09 at 12:49 pm to rmc
quote:
rmc
Doesn't it depend on what one is inheriting? Don't some things not go thru probate (401ks, IRAs, etc with designated beneficiaries, even homes in certain circumstances)?
Posted on 2/20/09 at 12:50 pm to rmc
quote:
DISCLAIMER: this is not a legal opinion.
Posted on 2/20/09 at 12:57 pm to rmc
Ok, here's a scenario for you:
What if grandma is diagnosed with cancer and is given 2 years to live. She knows she's gonna die. She's got $15,000 in CC debt, but also has a lot of assets (cash, a house, etc.)
Since she knows she's going to die, she start giving her heirs their inheritance. i.e. she just starts giving them cash and she donates the house to one of the kids, or sells the house and gives the cash to the kids.
So that when she does die, she has no assets but still has the $15,000 in debt. What happens then?
What if grandma is diagnosed with cancer and is given 2 years to live. She knows she's gonna die. She's got $15,000 in CC debt, but also has a lot of assets (cash, a house, etc.)
Since she knows she's going to die, she start giving her heirs their inheritance. i.e. she just starts giving them cash and she donates the house to one of the kids, or sells the house and gives the cash to the kids.
So that when she does die, she has no assets but still has the $15,000 in debt. What happens then?
Posted on 2/20/09 at 1:06 pm to WikiTiger
quote:
So that when she does die, she has no assets but still has the $15,000 in debt. What happens then?
Wiki, you can't do that. If it was that easy everyone would just write a check to their heirs while on their death bed to avoid all of their debts, avoid probate, avoid inheritance taxes, etc, etc, etc.
Posted on 2/20/09 at 1:10 pm to MikeBRLA
quote:
Wiki, you can't do that. If it was that easy everyone would just write a check to their heirs while on their death bed to avoid all of their debts, avoid probate, avoid inheritance taxes, etc, etc, etc.
you can't take out cash and give it to your children? i'm not saying it's legal, but it's possible.
Posted on 2/20/09 at 1:10 pm to MikeBRLA
Gift tax.
Posted on 2/20/09 at 1:10 pm to jmtigerfan
quote:
I'm pretty sure they try to collect from the heirs.
Heirs and next of kin are not responsible for the debt. It can be collected from the estate if there is one but since it's unsecured, they are pretty low on the priority scale and if an executor decides not to pay them, there's really only limited action they can take to collect.
Posted on 2/20/09 at 1:12 pm to Martavius
lawyer thunderdome.
Posted on 2/20/09 at 1:13 pm to kfizzle85
I'm not a lawyer but I have been involved in this scenario IRL.
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