Your Mother passed away 2 years ago and you are getting a settlement can credit card debt go after the settlement?
Well, if they are garnishing your wages, than probably yes. What you should do is call and bargain with them to pay them off. If you owe $1,000, tell them you can pay $500. It's better just to pay if off and be done with it. After all, it was you who was spending the money you didn't have in the first place. Also, you are going to have to pay taxes on this settlement so be looking out for that as well.
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Answer . \nA debt settlement offer has no bearing on your credit rating or score. It is only an offer, a proposal.\n. \nYour credit rating is based on how you have paid t…he debt in the past 7-10 years.\n. \nYour credit score is a numerical picture of your assessed risk as a borrower, based on the information in your file at the time the score is requested.
Answer . Of course, I can't give you advice. But here is a suggestion. If the credit cards are in her name alone, there is no problem. Open a P.O. Box just for corresponden…ce to the credit card companies and use it when sending and receiving mail from them. Make several copies of the death certificate, and send one to each credit card company. Expect them to close the accounts. Don't offer payment. Don't sign anything. Refuse to be intimidated. You are not responsible for her debts. If you must give them a reply or explanation, simply tell them the card holder is deceased and there is no money, no assets, nothing.\nThen forget about it.
If your father passed away 2 years ago and your mother and brother were using his credit cards and she passed away is the estate responsible for the credit balance after his death or is your brother?
Answer . \nThis depends upon a couple of basic things.\n. \n1. Any debt incurred by the Mom or the Child (with Mom's permission) up to the time of the death of the Mom is… the responsiblity of the estate. After all her name is on the account and she knew of the charges and therefore the assets available at the time of death must be applied to the liabilities at the time of death.\n. \n2. Any charges made after the death of all parties unless specifically made for the estate then those charges will be considered fraudlent. The Estate will not be responsible for those, however see number three below.\n. \n3. If the child is using the card with out permission then the estate will not be liable for the charges. However, the credit card company is going to want their money so they will ask for one of two things: 1)the estate pay the bill or 2)the executor of the estate will sign a statement that the charges were made with out the parent or estate's permission which would constitute fraud on the child who made the charges. They will then seek payment from the child or press criminal charges against them.\n. \nHope this helps.
Debts From a Late Relative . Legally, the estate that belongs to your son would be liquidated and used to pay off creditors. Any outstanding balance beyond the value of the… estate is "uncollectable" and must be written off by the creditors. Look to your legal professional for specific details as to how they apply to your specific situation.\n. \nWarmest regrets for your loss.
If you have Power of Attorney for your mother are you responsible for her credit card debts when she passes away?
Answer . No.. POA's become null and void at the time of the grantor's death.. The administrator of the deceased person's estate is responsible for the payment of credito…r debts and other matters.
Answer: Debt settlement will have a larger effect on your credit. When a debt is settled for less than its full value, the creditor will note that on your credit report. Th…e damage is much less than you'd experience with bankruptcy or default, and in most cases your credit will improve within a couple of years. I took help of Freedom Debt Relief to settle my credit card debts, its been more than a year that I enrolled into their program and now I am almost debt free.
Usually, they contact the cc company. Negotiate a lower rate. You pay the settlement company directly instead of the cc company. The effect varies depending on the cc company …and the credit report company. It may say that the account is in some type of deliquency despite the fact that you are paying it off. It may just say the account is closed and show your balance (which still lowers your score because it increases your debt to credit ratio since you have a balance despite no credit available.) It won't be horrible on your report though. You can still have good credit despite doing this.
ANSWER:. Settling on card card debt should be the last option to take. Unless you write a "Restrictive Endorsement". "By cashing this check Payee agrees to accept this check… in full payment of the account as agreed and agrees to remove all derogatory information from Remitter's Credit Reports" on the front of your check, as proof on your bank statement, you will receive a derogatory item on your credit report. Your credit report will state you settled in an amount of less than full.. ANSWER:. In any debt settlement program you are made to default on your repayment for a certain time and then your debt amount is negotiated with your creditor which does show in your credit report. You can rebuild your credit later once you are debt free. Freedom Debt Relief has a good plan called 'debt reduction' which can help you in reducing your debt levels and become debt free in the earliest possible time. They even give help you with credit repair once you are done with the program..
Yes, they can. I do know of a law firm that helps delay trials and settle out of court, let me know if you want to know about them.
Settlement usually occurs when the account is past due and has been closed. You can either try to settle with the credit card company, or the debt collector that the credit co…mpany sold the account to.
No one. The family is not responsible for the debt. Credit cards want people to think they are, but it is volunteer to pay/assume the debt of the person who passed away.
My mom passed away 2 years ago and left a life estate 2 her house. She had 2-3 small credit card debts that I have personally made mthy payments. I am on ssd now and cant pay anymore.what do i do?
If you are the responsible party for the house you can take out an equity loan
No it will not go away in 7 years if it is unpaid. If debt is lft unpaid, the interest rates will continue to go higher and higher.
It would not have any immediate impact on your credit rating, a settlement figure is just a statement provided by your lender on the amount outstanding to clear the loan in fu…ll "To settle".
A credit counselor may be able to help you get a debt settlement on your credit card. It will depend on if the counselor only gives you ways to get out of debt or if they are …a settlement counselor.
Debt settlement companies can help negotiate debt relief with all your creditors. This will include credit card companies who may be willing to write off part of your debt.
You need to get in contact with your credit card company and make an agreement on how you are going to pay back your debts. The cost to doing a credits card debt settlement is… that you end up with a very bad credit score.