A few Questions...
Date: Sat, 06/27/2009 - 17:02
Shes has about 31k in credit card debt with Chase between 2 accounts, both of which are current. I am an authorized user on one of these accounts, so a portion of the debt is mine. (As a matter of fact, she just used one of those checks they send you to write me a 2k check to help me pay for my daughter's daycare.)
She has been talking to an agent from a company who's name I think is "Debt Solutions" ? I looked into them a few months back and they were a member of TASCA, etc, but I can't find their website now because there's soooo many with similar names. I did find some positive info on them on these messages boards before, but can't track that down either.
My mom won't be able to work much longer for health reasons, and doesn't plan on buying houses or cars, so she wants to use debt settlement so that she can be debt free in 3 years and live without that worry in her final years.
My questions are this:
If I am removed as an authorized user, will it affect my credit when we stop paying? ( I currently make payments on one card, and would continue to put money into the "settlement fund)
Does anyone have experience with Debt Solutions? The one based in CA who uses an eacrow company in CO.?
Any input is appreciated, I want to make sure this will be as stress free for mom (and Myself) as possible.
I don't know if this will help you but it is sort of the same si
I don't know if this will help you but it is sort of the same situation. My father-in-law passed away several years ago, and unknown to my mother-in-law, she was still on one of his credit cards. They had been divorced for almost 20 years, but he had never removed her name from the card. Probably just an oversight, but it could have put her into a bad position. Because their divorce was (mostly) amicable, and they maintained a very good relationship, she was still executor of his will and estate.
She spoke to her lawyer and she WAS responsible for the charges that were still outstanding. It wasn't much, so it wasn't a big deal, but had she been named on any other debt that he owed, she would've been responsible. She also checked and discovered that the card still showed up on her credit score. She has owned her house for more than 20 years and has had no loans in that time, so she never had a reason to check her credit score.
Drawing from what I know to be true in my mother-in-law's scenario, you can be affected negatively for the debt that has been charged so far, even when you have your name removed from the card. You're on it now, so you're responsible for the debt, at least in part.
I wouldn't rely on a consolidation agent to accurately tell you the best way to remove yourself from responsibility for this debt. Talk to a lawyer to make sure you're doing the right thing.
