If i die, will any of my unsecured loans need to be paid off?

Written by on June 27th, 2009
unsecured debt
mircjam84 asked:

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  1. Ok… So I got a credit card in 2007 from Wells Fargo. It is unsecured and the amount was for a $6,000 limit. My Husband and I purchased a 22′ long trailer and Xmas gifts that year. Financially, we hit hard times and I never paid a single payment on it. So, it went over limit up to like $7,000+. After we got back on our feet, I contacted the bank right before it went into collections and made an agreement for them to automtically draft $140.00 out of my account per month. At this rate, we now owe like $5,000 on the debt. The “credit card” aspect is gone, so it is just debt. We will have it paid off in like 3 years. It is showing up on my credit report as in collections. They said that they will accept a lesser amount. Any Suggestions? Please help. I know nothing about credit and what looks good/bad on credit reports, but I know that it being in collections is BAD. They said it’ll say “collections” until it is paid off completely- that’s 3 years. I know that after 7 years, if I paid nothing, I’d be $5,000 richer and it would disappear off my credit. Due to the fact that we also have 2 personal loans, one for my car and the other for our (HUD) house that we took out in 2006 with Wells Fargo, I wonder if I call and offer them like 1/3 or even 1/4 of the debt, if they’d accept if I threatened that I’d file bankruptcy and they’d get nothing for all 3 loans. The other two were $10,000 and we still owe $7,000 and the other was a $15,000 and we owe like $11,000. The 2 were both 5 year notes. Please help. I know it’s alot to take in. We are financially set now and I DO want to pay off debt, but I want to do it so that it makes my credit look better as well. Thanks in advance :) I am not really going to file Bankruptcy. I was told that mentioning Bankruptcy increases your chances of them coming down on the amount they will accept. I just called and they said I owed $7,055.97 and now it is down to $4,955.97. She said that if I pay it all office it will say Charge-off, paid in full, zero balance. The settlement amount offered right now is $3,469.17 but I would have to pay the IRS unearned income tax on anything over $600.00. Right now, the debt is simply debt. There is no interest being added AT ALL. So I am tempted to keep paying $140.00 per month. But, if there is a lesser and shorter way out. I am all Ears :) ALSO, If I do decide to settle, does the 7 years start from today or does it start from the date it was “charged off” which was 1 year ago? Whitney asked: Related Blogs Related Blogs on Credit Reports...
  2. In 2002 a lawyer sat down with me and explained how a chapter 13 would work, they stated we must get the house appraised, and then the mortgage company must agree to this amount. Once the bankruptcy was written then there were two separate line items one for secured and one for unsecured. The final statement said that the secured had been paid in full. The lawyer said that the unsecured should be discharged. But the mortgage company says that it don’t work like that. They say we still owe the unsecured amount. Who is right. Plan was paid as obliged and discharged. Mr. W asked: Related Blogs Related Blogs on Chapter...
  3. I need help with my SECURED loans. I have three secured loans, one for my car, the other two are for student loans. Are there any good programs out there that can help me with my secured loans? Yes I have done an internet search but all I found was unsecured loan consolidation. Please help! Thanks! medievalprincess80 asked: Related Blogs Related Blogs on Internet Search...
  4. Has anybody had any luck with debt consolidation through one of those companies? silverblack12345 asked: Related Blogs Related Blogs on Advertisments Making...
  5. explain secured and unsecured debt? Scar asked: Tell the debt secured and unsecured, a...

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« Are my parents making the right decision for Debt Consolidation?
I have no debt at all and I make $45K/yr. Lets say for an amount that is less than 1/6th of my yearly income. I have no debt at all and I make $45K/yr. Lets say for an amount that is less than 1/6th of my yearly income. Purpose of the loan is to build credit. Since I just paid all my higher intrest loans off I have nothing now to continue building credit other than my credit cards. »

One Response to “If i die, will any of my unsecured loans need to be paid off?”

  1. chris o Says:
    June 28th, 2009 at 5:59 am

    I think if you are dead you wont be worried about anything.

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