How will Father's Credit Card Debt affect Mother?

If she has any existing borrowings jointly it might affect her if she wanted to borrow again.
If its in joint names then she is equally liable.
 
Can't make out what this is all about but, it's a common misconception that next of kin are responsible for unsecured debts when a person dies. It is actually the case that any unsecured debts are paid out of the deceased person's estate & if there is no money in that estate, then debts do not get repaid. Some lenders will harass family members etc. but have no right to.
 
moneyhoney said:
Can't make out what this is all about but, it's a common misconception that next of kin are responsible for unsecured debts when a person dies. It is actually the case that any unsecured debts are paid out of the deceased person's estate & if there is no money in that estate, then debts do not get repaid. Some lenders will harass family members etc. but have no right to.
Click to expand...

The reason for that is that usually they are joint borrowings, particularly if for a house etc.
Since the estate normally goes to next of kin, the lenders are technically within their rights to contact the next of kin if the debts are unpaid.
 
Not in the case of unsecured debts - have come across cases where adult child has credit card debt, car loans etc and no assets and parents have been hounded by lenders.
 
liteweight said:
Where has Jack's original post gone to????????
Click to expand...

I think that's all he ever said, I remember when the thread started. It appears Jack is a man of few words!
 
moneyhoney said:
Not in the case of unsecured debts - have come across cases where adult child has credit card debt, car loans etc and no assets and parents have been hounded by lenders.
Click to expand...
I can confirm that it does happen. They will try anything to get their money. But in that case it's a case of tough titty. A stern letter to their solictors telling them to read the Sucession Act 1965 usually does the trick.
 
My apologies, i did infact try to delete this post on the grounds that i had put too much personal information.

Thank you however for your replies. They main query was that my father had substaintial credit card debt and I was concerned that mother would be liable. It is all in his name. So I'm relieved by your responses.
 
You must log in or register to reply here.
Back
Top