Question about Termination Fees for Cellphones

Anonymous · ‎07-23-2015

I have three family members on a plan I set up for them (my father and two brothers). I'm a little tight on money lately and I've decided after three years they need to pay for their own plan and get off their feet. My question is, if I pay the early cancellation fees on each line does it 1) report negatively on my credit report, 2) does that prevent me from ever getting a phone with that carrier in future and 3) one of the lines is a plan where you pay off the phone each month and there are four payments left, if I pay off that phone does it also have a contract cancellation fee since I paid for the phone myself?

I put them all on Verizon. I am with At&t for my personal phone.

thank you

icyhot · ‎07-23-2015

Not one bit, the cell phone companies want their ETFs, it becomes a problem when you don't pay them and the account is delinquent. If you cancel early and pay the ETFs, you'll be in good standing

Anonymous · ‎07-26-2015

The other thing you may want to look at is an "Assumption of Liability," as Verizon calls it. If your family members would like to keep their phones and their phone numbers AND remain with Verizon, you can authorize them to "assume" their equipment, mobile number, and contract as is, without paying a dime. They will then just sign up for the plan of their choice and continue the remainder of the contract as if nothing happened, except it will be under their name.