Credit Card Liability

Hi,

If a person dies, who owns the liability of his personal loans and credit card loans?

In INDIA is there any law or rule related to this?

Best regards,
Raja

The nearest relative, often noted in the application for credit

2008-12-10 01:36:49 by rajaraman v

www.letsforgetdebt.com - An excellent informative site and service to help anyone with credit card debt. A step by step video talking about the ...

I had a corporate credit card with the company I now work for....we got into a dispute over some charges made during a business trip and they are now informing me they are filing a "waiver of liability" with American Express and cancelling the card. Does anyone know what the waiver of liability is and what it accomplishes?

Simply put, they are telling the credit card co that they are not bound to any debt incurred by your use of their credit card because the charges you made did not meet their company policy.
Many companies do this to protect themselves from employees going overboard with a company credit card.

Somewhere in your employment contract you should find a clause regarding this.

Hope this answers your question

2008-10-13 08:41:29 by greg

Price: $59.95

My credit card bank called me for two suspicious charges , over $ 800 each,made on my Mastercard (by the same person, for identical merchandise, for same amount), which I confirmed were fraudulent. Bank were able to get the merchant to reverse charges on one transaction, but for the second one, they asked me to call the merchant directly for giving the credit on my card. I did just that, but the merchant asked me to work the credit thru my bank ! My bank, in turn, has asked me to provide them with a notarized affidavit, for them to persue this fraud investigation. I am in the middle of preparing the requested documents, but where does this leave me, as far as my liability for this fraudulent charge ?

You gotta jump trhough their hoops - it can take up to 120 days for everything to clear. The worst part about it is that it can affect your credit rating for that period of time depending on your limit. But yes, the aformentioned $50 can be considered as a deductable is to insurance.

2007-05-22 10:03:29 by Ramji

Price: $5.95 $5.95

I'm trying to figure out if having more available credit is good or whether that actually works to my disadvantage later on when I need a big loan for a car or house.

I've heard that even if I have a relatively low carryover balance that when the bank evaluates my application... they assume a full credit liability of the full credit card limit because in theory I could max it out regardless of my low balance.

If you had 100,000 in available credit and did not use any of it, it would give you amazing credit. Just the way the score works.

BUT, if you apply for a mortgage, it may hurt you.
Mortgage companies like FHA do not look at your scores.
They look at your report in detail and make their own decisions.
New card credit makes your rating go down for 6 months, so don't do it if you are about to buy a home.
With a mortgage, they may see that you have 100K available to you, and they may think you might actually use it.
Have 2 credit cards, pay them in full each month. And you will be perfect for buying a home someday.
DO NOT carry balances.

2009-01-25 09:45:00 by Gaspard

i lst my credit card called up the bank to stop/block my card but it took them a while to respond to it and in the interim someone took asale on my credit card, bank is asking me to pay for this? whereas the signatures do not tally and merchant has split the transactions as well it seems merchant is also involved in this and bank is sheilding him. I dont want to pay. what are the consequences and what is my liability if i dont pay?

Is it a credit card or a debit card? If it's a credit card, you contest it. They can't go after you while you're contesting it, so you don't have to pay it. However, you'll get overcharge fees if you charge past your limit, and this is included.

Technically, they don't charge you more than $50 for it, but you will have to submit a statement in writing about what happened. I had to get it notarized, which cost $10. It took about 2-3 months to settle, but I didn't end up paying anything, and they took the interest charges off, too.

Keep pursuing this and complaining, put everything in writing, and do what they tell you to do. You probably have to file a police report, too. If you call, get names and keep a log of all conversations. Ask to speak to a supervisor if they give you trouble. But it is best to put it in writing.

2008-12-05 22:36:37 by harpreetvohra