Deceased Father's Debt
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Posted by BusiLAI
(152.163.253.37) on September 25, 2003 at 21:01:27:
My father recently passed away in Dec. of 2002 and as standard procedure, we notified all of my father's credit card companies. Although my mother never used the credit cards, she has been responsible to pay the debt my father acquired since my mother's on the account. The bank recently pulled up my mothers credit report and informed her that she owes a substantial amount to Chase. This was the first we've heard of it. No phone call or letter. Since then, the collection agency has been calling my mother and I to ask how my mother will be paying off the debt: month to month or a lump sum. She (the collector) explained to me that since they are in the preliminary stages of the collection, if my mother pays the agrees to pay, it will not affect her credit report (although it has been reported). The debt my mother owes for my father is $5,200 plus dollars. The collection agrees that my mother can pay a lump sum of $3,200 instead. If so, do we need to file anything with the IRS? Plus, everything I've discussed with them they will not put in writing. Can I trust their word that nothing else will happen after payment? Please, if any one can help I would greatly appreciate it. This entire situation is new to me and I'm concerned of what could happen further down the road. Thanks.
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