Glenn is correct – This all depends upon what you'll do with these newly cleaned up credit cards….. It's a falacy that people can get out of debt by placing all their credit card debt onto their house. They usually run up their cards again in a few years and are then worse off than before.

Put the money to the house. Start paying EXTRA to your credit cards. Start cutting up your credit cards. Then start sending extra to your house.

FREEDOM!!!!!!

The definition of a "written" contact is one where all of the payment issues are completely spelled out. The monthly payments, the timeframe, everything.

An "open" or "revolving" credit line does not fall into this catagory because the terms of the agreement change every month. One month you owe $200, and the next you owe $400…..and each month you have a varying amount of payment. You can pay it off, and then run it right back up again….that's why they call it a 'revolving" line of credit.

This is also clearly spelled out in the US UCC codes, and many states specifically label credit card debts as open accounts.

Georgia is one state that specifically labels credit cards as NOT being a written contract. Please refer to the link below.

Once again….poor answers with no source of information cause a lot of damage here on Yahoo. If they don't provide you with a source for further examination it's best not to believe it.

You should offer a percentage of the debt. You should stipulate in the agreement – if they agree to take a percentage, after payment, they will agree that the debt is paid and no longer collectable.
Be sure to have the agreement in writing!!!

Be sure that when you come to an agreement and when you pay that both the agreement and the payment is filed in the case file !!!

If the child purchases the house from them the seller needs to keep the money out of the banking system otherwise that money would now be the asset. But I'm sure you already know that.

Once the person is deceased the only thing the child needs to do is open the letters send a copy of the death cert. (it doesn't have to be certified unless they contact them and ask for one) and also include a note that says Deceased has no estate.

I've never after 2 1/2 yrs had any of my father in laws creditors write me again.

If you belong to a credit union or there’s one that serves your office, they will be able to put you in touch with a reliable organization.

If the estate doesn't have enough, then the entire inheritance is sold, given to the credit card companies, and then the rest of the debts are cancelled (the credit card company has no choice but to write it off.)

Which is why, even if the person has a perfect FICO score, that the banks are taking some risk when loaning money.

Hope that helps.