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The issue involves JPMorgan Chase. I’m heading into a branch tomorrow to deal with this head-on, but until then, if anyone has any insight, please speak up—I don't plan on getting a wink of sleep tonight.
I need some clarity here, please.
Am I legally responsible for my husband's debt?
I NEED ADVICE!
My husband passed away suddenly, leaving behind an unplanned loan—one of those pop-up or cross-sell products—with a remaining balance of roughly $23333. He didn't own any significant assets, just two old cars that aren't worth much. I have two children who will be inheriting his Social Security benefits, though they won't be substantial since he only had 16 years of work history at the time of his death. This loan wasn't co-signed, nor did it have specific insurance coverage. However, the fine print regarding the collateral states this:
The borrower hereby pledges and transfers to the Creditor all current claims arising from their accounts or deposits held with the Creditor to secure the debt under this agreement, authorizing the Creditor to recover the insured debt from said collateral upon maturity without further notice.
My question is simple: how exactly does the bank intend to collect this money?