What happens to your loans if you pass away?
in Banking, Insurance & Loans ·
Look, I get how the whole probate process works—trust me, I’ve been through it—but the people over at American Express are either completely delusional or they’re actively trying to drive me insane. Two months ago, I went down to their corporate office to take over the loan, and nobody would even see me in person. After listening to a mountain of absolute nonsense over the phone, they told us the loan couldn't be transferred until the insurance payout—the death benefit part—cleared (which was up to like $800). It sounded perfectly logical at the time, right? Since the payout would lower the total debt. But here's the kicker: I can't touch a single cent in my grandfather's checking account until that loan transfer is finalized. So, we wait. Fast forward two months: the insurance finally pays out, and suddenly these geniuses at American Express tell me the loan *has* to be taken over in its full amount first, and then they'll just drop the insurance money into the checking account later. If that was the case, we could have settled this entire mess two months ago! Honestly, I’m about two seconds away from taking them to the papers.