Credit Cards

[dsvd]

Hypothetically speaking of course if you have credit card debt quite substantial and you die can the bank recover the debt off your next of kin?

[PeasAndRice]

if so im tapping up my grannie to transfer my deb tinto her name......bo selecta

[sandmaster]

From your estate yes - but if there are insufficient funds to discharge the debt the credit card company cannot go against your next of kin's assets.

[dsvd]

Ok so just to confirm if your estate has insufficient funds they cannot go after your relatives to reclaim the debt.
Can anyone else confirm this.

[Buenchico]

As Dsvd states, nobody can ever inherit a debt.

Debts reduce the value of the deceased person's estate but the value of the estate can't 'go negative'.

Chris

[Barquentine]

That is correct. It will be paid out of your estate by the executor(s) (or via the solicitor that the executor appoints (if they do). There is no contract (agreement) between the creditor & your relatives so no one can pursue them.
But it's not a good way to get out of debt...don't do it!

[dsvd]

So Hypothetically speaking if your estate has insufficient funds to meet the credit card debt after your death then the bank would either have to write the loss off or claim it under its own insurance?

[factor-fiction]

Yes, that's what the answers say and the answers are correct. However the bank may press hard and will need to see the probate documents before it stops demanding repayment.