Jul
My mom is on a limited income of $800 a month. She has over $13,000 in credit card debt. At least 7 credit cards. The lowest is 19% and the highest is 25%.
I doubt they’ll lower the rate unless I sign on to take the debt which I would never do. My mother is currently in the hospital and when she gets out - she’ll stay with me til she dies. She won't need these cards. I refuse to pay anyone 25%
If the credit co won't lower the rate, should I still make payments or tell them to pound sand and they can sue the estate when she she dies? That could be years from now. Should I just tell them to shut the accounts and wipe it clean because she’s unable to pay them? They can't touch her income as it is social security.
Don't get me wrong. I'm all for paying what is due, but 25% is robbery. They should never have given her the credit line.
Answer:
I agree. I think it's stupid they’ve a 25% rate. But, they won't close the accounts just bc she’s unable to pay them. They’ll remain open until they're either paid off or until she dies. As far as I know they can't do anything about it if she dies, but I'm not certain so don't hold me 2 it.
Answer:
If your mother's only income is SS, and she has no assets, then she is what’s commonly described as “judgment proof.” That means that her creditors can sue her, and win, and get judgments against her, but she doesn't have anything to take to satisfy the judgment with. They can't take her SS. So suing your mom would be a waste of time and money to her creditors.
However, the creditors will have to be paid out of her estate. You will only get what’s left after paying all of her bills, if anything is left.
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