My father-in-law passed away and had two Chase credit cards with balances. When I contacted Chase’s estate department, they verified the debt but said the accounts were ‘charged off’. They told me to call another department about the accounts (I didn’t catch the name).
I read online that ‘charged off’ means they’ve given up trying to collect. Does this mean we don’t have to pay these debts? I really don’t want to call and accidentally offer to pay something if it’s already settled.
He passed away without a will or savings.
Update:
He died three months ago in New York. He was married and had a lot of debt with his wife (mostly retail cards and medical bills), but the Chase cards ($8k total) were only in his name. They also own a home worth about $300k with $160k left on the mortgage. There are no other assets. His kids aren’t liable, but we’re trying to help my mother-in-law get her finances in order after years of neglect.
When my dad passed, he also had a lot of credit card debt. The credit card companies tried to guilt me into paying it off, saying it was the ‘right’ thing to do. But my dad’s lawyer told me that only the estate is responsible. If there’s no money, that’s the end of it. Just send them a copy of the death certificate and a letter stating you’re not paying. Done deal.
Cory said: @Azar
That’s so messed up. The credit card companies tried to guilt you? They really have no shame.
Yeah, it was horrible. My dad was sick for years, and that last year was especially rough. I was so drained and heartbroken, and then they pulled that on me.
@Azar
I went through a similar nightmare with my dad. He battled cancer and other complications for over a year. He passed in April, and now I’m just waiting to get hit with a huge medical bill. I won’t be paying it either.
Cory said: @Azar
That’s so messed up. The credit card companies tried to guilt you? They really have no shame.
I used to work for a company that collected on debts like these. It was a miserable job. They called it a law firm, but it was just a call center disguised as one. I stuck it out for 11 months before I quit because it was making me feel awful about myself.
Cory said: @Azar
That’s so messed up. The credit card companies tried to guilt you? They really have no shame.
Debt collectors make a business out of exploiting people’s lack of knowledge. It’s not much different from shady real estate agents targeting disaster victims. It’s gross, but our society kind of celebrates this ‘make money at any cost’ attitude. It’s disturbing.
Wilder said: @Azar
Credit card companies talking about morals? That’s rich coming from them with those sky-high interest rates!
Predatory lending should be illegal. How is it fair to charge people with bad credit higher interest rates than those who can actually afford it? It’s just exploitation.
@Azar
When our oldest brother was killed by a drunk driver, we found out he still had over $60k in student loans. We thought it was settled after we provided the death certificate, but the bank called every family member to guilt us into paying. They even suggested taking out a loan to clear it. We finally had to get a lawyer to send a cease-and-desist letter.
Axel said: @Azar
The moral thing for Chase to do would be to say, ‘We’re so sorry for your loss. Here’s a check to cover the funeral costs.’
When my grandpa passed, my grandma paid off his Discover card, but they refunded the final payment after they closed his account. That’s what a moral company should do.